Terrorism Risk Act Expires
The TRIA also know as the Terrorism Risk Insurnace Act failed to renew & will expire this year. The act was passed after the tradgic terrorist attacks on 9/11, where insurers were hesistant to sell coverage to New York City office builders. The House passed an extension of December 10th that would pay back the insurers after losses that reached upwards to of $200 million & would also up the companies co-payments from 15% to 20% which gradually increases. Insurance companies will have the right to cancel terrorism policies January 1st 2015. There was speculation that the NFL's Superbowl 2015 was going to be canceled due to the lack of terrorism insurance. Fifty seven business corporations including the National Association of realtors & Hilton Worldwide Holdings Inc, sent letters to senators encourgaging them to pass the terrorism insurance law without any other amendments. To read more about TRIA, please visit to this page.
For more information about how to obtain a terrorism insurance policy, please contact a Fidens specialist.
image courtesy of: proeprtycasualty360.com