Insurance Doomsday Averted – TRIA Extension Passes Congress

Under the cloud of the tragic terrorist attack in France, the U.S. Congress passed H.R. 26, an extension to the Terrorism Risk Insurance Act (TRIA).  The House passed it overwhelmingly by a vote of 416-5.  The Senate passed it by a vote of 93-4.  This despite a rider which amends Dodd-Frank.

Among its provisions, the bill extends the program for six years and gradually increases the trigger from $100 million to $200 million in increments of $20 million over the course of …

Continue Reading

TRIA – When the Ball Drops, No Need to Panic But…

At exactly 12:00 a.m. on January 1, 2015, the New Year will be celebrated amidst ball drops and renditions of “Auld Lang Syne.”  However, amidst the celebrations, the Terrorism Risk Insurance Act (TRIA) will expire.  While there is a very real possibility that Congress will pass legislation renewing it in some form when the 114th Congress convenes in January 2015, insurance companies and their insureds are already feeling the anticipated effects of the non-renewal and planning for the future.

Most large real estate transactions …

Continue Reading

Update: “Where are You TRIA?” – Maybe Next Year

Last week we commented upon the debate surrounding the Terrorism Risk Insurance Act (TRIA). However, unlike the end of How the Grinch Stole Christmas where Cindy Lou Who ultimately found Christmas, TRIA did not make the cut of hastily passed legislation/nominations as the Senate gaveled to a close for this Congress.

While the House of Representatives passed TRIA by over 400 votes, outgoing Senator Tom Coburn, (R-OK) put a hold on the legislation while he sought a provision that would allow states to opt out …

Continue Reading

Where are You TRIA

Politicos and industry alike are echoing the sentiments of Cindy Lou Who when she sings “Where are you, Christmas?” in the popular movie “How the Grinch Stole Christmas” except in this case, the question is, “Where are you TRIA?”

As the current Terrorism Risk Insurance Act (TRIA) approaches its expiration date of  December 31, 2014, there are questions swirling about whether it will ultimately be renewed and whether the levels and conditions of coverage will be so diluted as to have an immediate negative impact …

Continue Reading