The Terrorism Risk Insurance Act TRIA , which was enacted by Congress in November , ensures that adequate resources are available for businesses to recover and rebuild if they are the victims of a terrorist attack.
A commercial terrorism policy covers damaged or destroyed property—including buildings, equipment, furnishings and inventory. It may also cover losses associated with the interruption of your business. Terrorism insurance may also cover liability claims against your business associated with a terrorist attack. Depending on your state, a terrorism insurance policy may exclude coverage for fire following. Nuclear, biological, chemical and radiological NBCR attacks are also excluded, except in the life, health and workers compensation lines of insurance.
Cyber risks are also an emerging terrorist threat. It is possible that property damage or injuries to employees could be caused by a cyber-attack—for instance an attack that causes equipment to malfunction.
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Media Advisories Archive. Subscribe to Press Releases. The Terrorism Risk Insurance Act TRIA created a temporary federal program that provides for a transparent system of shared public and private compensation for certain insured losses resulting from a certified act of terrorism.
The Secretary of the Treasury administers the program with the assistance of the Federal Insurance Office. On December 7, , Treasury published an interim final rule regarding the process of certifying an act of terrorism. Adjusts the mandatory recoupment timing. Eliminates outdated language regarding past U. In the absence of private market innovations and solutions, sustaining a viable private market for terrorism insurance depends on a federal backstop.
The NAIC is committed to working with Congress, the administration, state officials, and the industry to develop a long-term plan to make terrorism insurance available and affordable.
The NAIC has played an active role in fostering the program and assisting insurers and the federal government as the program is implemented. The NAIC and its members have also testified before both houses of Congress on the need to extend the program. The model bulletin provides guidance to insurers regarding rate filings and policy language that state insurance regulators would find acceptable to protect U.
The model bulletin describes important changes that are contained in TRIA and informs insurers regarding whether rate and policy form filings might be needed. Insurers may use the form as drafted, modify the forms to meet individual circumstances, or use forms that are substantially similar.
The U. State insurance regulators began collecting data related to terrorism risk insurance in Additional information on that data collection process can be found on the NAIC website.
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