Topic: Terrorism Risk and Insurance

Senate Passes new TRIA Bill; Awaits Response from House

On July 17, 2014, the Senate passed the Terrorism Risk Insurance Program Reauthorization Act of 2014, extending the original Terrorism Risk Insurance Act (“TRIA”) for an additional seven years. If the bill is ultimately signed into law, it will mark a victory for Senator Schumer, who introduced the original version of the bill in April of this year, as well as many industry participants who have been advocating for an extension of TRIA in order to provide clarity and stability with respect to terrorism risks. 

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