Wednesday, June 21, 2006
Terrorism Risk Insurance Act
Prior to September 11, the chances of property damage were much less and as a result of that insurers were more confident of offering free Terrorism Coverage. The task of re-assessing the risk factor has been instigated mainly by the impact of the September 11 incident, which led to the scarcity of the Terrorism Coverage. Reinsurers were busy identifying the risk-prone urban localities where they would not be offering Terrorism Coverage anymore. The state insurance departments were flooded with requests from the leading insurers for letting them eliminate terrorism coverage from the policies they offered. The Congress had no other option but to pass the Terrorism Risk Insurance Act (TRIA). In order to know more about TRIA click here.
# posted by Insurance Blogger @ 2:53 AM 
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