Terrorism Risk and Insurance

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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). 

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Read More President Obama’s Proposed Budget Calls for Reduction to TRIA

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. 

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Read More Heirs of Terror Victim Seek to Satisfy Outstanding Judgment Against Hamas Using TRIA

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. 

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Read More Treasury Department Proposes Rule Implementing Cap on Terrorism Risk Insurance Program

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. 

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Read More New York’s Highest Court Holds that Policy with Terrorism Exclusion Restricts the Cause of Potential Covered Damages

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. 

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Read More Federal Judge Rules That Policy Exclusion Severely Limits Port Authorities’ WTC Claims

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”). 

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Read More BREAKING NEWS — President Bush Extends Terrorism Risk Insurance Program

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 New York Lawmakers Request Inclusion of “Reset” Provision in any TRIA Extension

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. 

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Read More Senate Approves Terrorism Risk Insurance Program Reauthorization Act of 2007

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 Federal Terrorism Risk Insurance Program Moves One Step Closer to Renewal

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. 

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Read More Senate Banking Committee to Consider TRIA Extension Legislation this Week