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TRIA supporters hopeful backstop will be extended.(News)(Terrorism Risk Insurance Act)
Business Insurance, August, 2004 by Hoffmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-The combination of elevated terrorism alerts and continuing examination of the 9/11 Commission's findings could help spur Congress to reauthorize the Terrorism Risk Insurance Act this year, supporters of an extension of TRIA hope. Both developments serve to underscore the continuing threat presented by terrorism, say TRIA advocates.
TRIA provides a federal backstop that would help private insurers cover losses from a future catastrophic terrorist attack. The program, which is set to expire on Dec. 31, 2005, was designed to help make terrorism coverage available and to give insurers time to create a private terrorism insurance market. Although the first goal has been met, the second-the creation of a private terrorism...
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