Financial Services Industry
Industry: Email Alert RSS FeedRIMS pushes for TRIA extension in Congress: risk managers see federal insurance backstop as vital for stability of terrorism cover.(Buyers On Board)(Risk and Insurance Management Society)(Terrorism Risk Insurance Act)
National Underwriter Property & Casualty-Risk & Benefits Management, March, 2005 by McDonald, Caroline
THE RISK AND INSURANCE Management Society affirmed its support for legislation extending the Terrorism Risk Insurance Act by an additional two years to avoid market disruptions like those that occurred after Sept. 11, 2001. Janice Ochenkowski, vice president of external affairs at the New York-based RIMS, as well as senior vice president at property manager Jones Lang Lasalle Inc., told National Underwriter that RIMS supports passage of the bill and is pleased legislation has been introduced.
Renewal of TRIA, she said, is very important to RIMS members because it has "provided an important backstop to the marketplace and allowed the availability of necessary coverage limits." Before TRIA, she said, the marketplace "had limited [terrorism] coverage...
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