Prior to the September 11, 2001, terrorist attacks, coverage for losses from such attacks was normally included in general insurance policies without additional cost to the policyholders. Following the attacks, such coverage became expensive, if offered at all. Moreover, some observers feared that the absence of insurance against terrorism loss would have a wider economic…
BY ARTHUR D. POSTAL, PROPERTYCASUALTY360.COM WASHINGTON—There appears to be no momentum for House action on legislation reauthorizing the federal backstop on terrorism risk insurance during the current two-week session. The current version of the Terrorism Risk Insurance Act sunsets Dec. 31. But, Congress is expected to be out of session from Sept. 19th until after the mid-term…
By Las Vegas Chamber via 8NewsNow LAS VEGAS — Federal dollars that insure Las Vegas in the event of a terrorist attack could soon run out. Both Nevada U.S. senators say they’re working to renew federal terrorism insurance. The Terrorism Risk Insurance Program Reauthorization Act allows the federal government to help pay for any damage…
By Chris Bragg on Crain’s New York Business New York City CEO’s—117 of them—signed onto a letter urging Republicans in Congress to reauthorize legislation providing a federal backstop for terrorism insurance. Conservatives are looking to scale back and phase out the program. More than 100 New York City CEOs are calling on House Republicans in Congress to…
By Mark A. Hofmann, Business Insurance Insurers and other industry groups are welcoming Thursday’s 93-4 Senate vote to extend the federal terrorism insurance backstop for seven years. The Terrorism Risk Insurance Program Reauthorization Act of 2014 — S. 2244 — would maintain the current trigger for the program, which was created by the Terrorism Risk Insurance…
By Jarrad Saffren, USA TODAY WASHINGTON — A bill that would extend legislation with bipartisan and industry support is being held up by internal disagreements among House Republicans, Rep. Pete King, R-N.Y., said Wednesday. The legislation protects property owners against financial losses from terrorist attacks, which insurers and developers say is critical to keeping large construction…
Federal involvement in health insurance has been controversial on Capitol Hill, but Republicans and Democrats in Congress have shown few qualms about getting involved when it comes to the private terrorism-insurance market.
By Arthur D. Postal, Property Casual 360 The Terrorism Risk Insurance Act would be reauthorized in its present form but with much greater industry liability for five years under legislation to be unveiled today by House Financial Services Committee Republicans. That represents a compromise from an earlier draft, which proposed to extend the current program…
