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Insurance Watch: Losses due to terrorism
| 题名： | Insurance Watch: Losses due to terrorism |
| 正文语种： | eng |
| 作者： | CHRIS RICHMOND |
| 摘要： | Clients often ask, what is terrorism coverage and why do I need it? Following the catastrophic losses incurred after the 9/11 terrorist attacks, insurance companies responded by excluding losses due to terrorism. To counter this, Congress enacted the Terrorism Risk Insurance Act to provide reinsurance for insurance companies. Insurance companies are required to offer you TRIA if your normal insurance excludes acts of terror, but it is up to you to decide if you want to pay for the coverage or not. The term terrorist is often used to describe violent acts. But for TRIA to react to a claim the government must first certify an act of terrorism has occurred. For this to happen several requirements must be met: 1. It must be a violent act or an act that is dangerous to human life, property, or infrastructure. 2. It must result in damage within the U.S., its possessions, Puerto Rico or certain air carriers or vessels. 3. It must be committed by individuals in an attempt to coerce the U.S. civilian population, to influence U.S. policy or to affect U.S. government conduct by coercion. 4. It must result in aggregate property casualty insurance losses that meet or exceed $5 million. 5. While terrorism coverage is not normally an expensive endorsement there are exclusions. If your unendorsed policy normally excludes nuclear, biological, chemical, or radiological claims then your TRIA endorsement will not cover them either. |
| 出版年： | 2023 |
| 期刊名称： | Work Boat |
| 卷： | 80 |
| 期： | 9 |
| 页码： | 12-12 |
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