Key Parts of Terrorism Risk Insurance Act
By Scott Simmonds, CPCU, ARM, CMC

On December 26, 2007, the President signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007, extending the Terrorism Risk Insurance Act (TRIA) through 2014. The United States Treasury Department implements the Program.

Here are some key points to TRIA:

--Federal program with mandatory participation by insurance companies.

--Covers foreign and domestic terrorism

--Covers attacks on U.S. property that cause at least $100 million in damages.

--Annual losses covered by the program are capped at $100 billion.