The Massachusetts Joint Committee on Financial Services recently held a hearing regarding H.B. 960 (the “Bill”), which would permit commercial fire policyholders to exclude terrorism from their coverage. read more
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Aon recently released an updated “Terrorism Threat Map” in which it indicates the current threat of terrorist attacks across the world. The Map, which is available here, shows a trend towards fewer terrorist attacks in the Middle East but increased activity in southeast Asia. read more
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One of the proposed budget savings recently proposed by President Obama is a reduction in the federal government’s role in the terrorism insurance market via a reduction in funding of Terrorism Risk Insurance Act (TRIA). read more
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The heirs of the victim of a 1996 terrorist attack in Israel who, in an earlier federal court proceeding, were recently awarded a judgment against Hamas for over $100 million for damages suffered as a result of the terrorist attack, recently filed a Petition seeking to satisfy the outstanding judgment from funds in a Hamas bank account in the New York branch of an Egyptian bank. read more
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The Treasury Department recently proposed a rule that would implement the statutory requirements in Section 103(e) of the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) that caps the annual liability of the Terrorism Risk Insurance Program (the "Program") for insured losses at $100 billion. read more
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Last month, the New York Court of Appeals held that a tenant breached its lease and, in doing so, violated New York Insurance Law § 3404. The court ruled that the lease was breached because the tenant obtaining insurance coverage that explicitly excluded terrorism losses from coverage. read more
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Last week, Judge Barbara Jones of the United States District Court for the Southern District of New York ruled that a policy exclusion in the Port Authority's Policy effectively barred coverage for damage done to all but one of the buildings at the World Trade Center complex and the PATH train station. read more
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Earlier today, President Bush signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007 ("TRIPRA"), which provides a seven-year extension of the Terrorism Risk Insurance Program, originally created in the wake of September 11 by Terrorism Risk Insurance Act of 2002 (“TRIA”) and extended by the Terrorism Risk Insurance Extension Act of 2005 ("TRIEA"). read more
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With Congress scrambling to pass legislation extending the Federal Terrorism Risk Insurance Program before its expiration at the end of the month, New York lawmakers requested yesterday that any final extension act include a “reset” provision. Such a provision would lower the trigger levels for federal reimbursements under the TRIA program in areas already hit by a terrorist attack. read more
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On Friday, the Senate approved, by voice vote, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which seeks to extend the federal Terrorism Risk Insurance Program for an additional 7 years. read more
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Renewal of the federal terrorism risk insurance program established by the Terrorism Risk Insurance Act of 2002 ("TRIA") moved one step closer to reality yesterday when the Senate Banking, Housing and Urban Affairs Committee approved legislation seeking a seven year extension of the program by a 20-1 vote. read more
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Multiple news outlets reported today that the Senate Banking Committee will vote on the proposed Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”) this coming Wednesday. TRIPRA represents the Senate’s attempt at further extending the federal terrorism risk insurance program originally established by the Terrorism Risk Insurance Act of 2002 (“TRIA”) and initially extended to December 31, 2007 by legislation in 2005. read more
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Despite news reports that the White House plans to veto the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) in its current form, the U.S. House of Representatives overwhelmingly voted 312-110 today in favor of TRIREA, which would extend TRIA 15 more years and add group life insurance and domestic terrorism coverage.
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As we have recently reported on InsureReinsure.com, the Federal Terrorism Risk Insurance Program is due to expire at year-end. Congress is currently considering an extension of the Program, the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”), which we have discussed here, here, here, and here.
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The Congressional Budget Office (“CBO”) released a report last week that estimated the cost of extending the Federal Terrorism Risk Insurance Program to be $3.5 billion for the next five years and $8.4 billion for the next decade. read more
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Late yesterday afternoon, the House Financial Services Committee approved an amended version of the Terrorism Risk Insurance Revision and Extension Act of 2007 (“TRIREA”) by a vote of 49 to 20. read more
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As we previously wrote about here, legislation has been introduced to further extend the Terrorism Risk Insurance Act (TRIA), currently set to expire at year's end. read more
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Managing Agency Partners ("MAP") recently launched one of the broadest forms of terrorism coverage available since 9/11, a physical damage and liability cover that includes nuclear, biological and chemical risks and both first-party and third-party clean up and decontamination costs. read more
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On June 18, Representatives Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would extend and expand the federal Terrorism Risk Insurance Program. The Terrorism Risk Insurance Revision and Extension Act of 2007 seeks to extend federal reinsurance coverage for terrorism risks for ten more years. read more
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It didn't take long for reinsurance disputes to arise from the recent $2 billion settlement between insurers of the World Trade Center and leaseholders of Silverstein Properties, Inc., that was announced on May 23. read more
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