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Terrorism Risk Insurance Revision
and Extension Act
This September, the U.S. House of Representatives passed H.R. 2716, the Terrorism Risk Insurance Revision and Extension Act of 2007 (TRIREA). The act included extending the Terrorism Risk Insurance Act (TRIA) for 15 years and expanding it to include group life insurance, as well as coverage for nuclear, biological, chemical and radiological (NBCR) attacks in some circumstances.
President Bush threatened to veto the House's bill because it would make TRIA a permanent program, since the key element of TRIA was to provide temporary help.
In October, the Senate rejected the larger expansions backed by the House in favor of a narrower bill only extending TRIA for seven years versus 15 years. The bill also excludes group life insurance as well as coverage for NBCR.
After Sept. 11, most insurance companies excluded terrorism-related events from their Property and Casualty (P&C) policies. Congress passed the TRIA as a three-year solution in 2002 as a result, creating a federal backstop to protect against terrorism-related losses. The TRIA ensures the availability of affordable terrorism risk insurance and promoted continued urban and real estate development in the United States. Since passing, the TRIA was extended once and is set to expire at the end of 2007.
It is important to protect your business from a variety of threats. Avalon’s Transportation and Logistics Risk (TLR) program is business package protection customized to meet the needs of the logistics industry. Avalon works with multiple insurance markets, allowing us to design a program to best protect your operation, business assets in addition to reducing litigation exposures for various liabilities. The TLR can be specialized to include
General Liability, Commercial Automobile, Workers’ Compensation and other coverage options.
Terrorism insurance can be added as an endorsement to a P&C policy. For more information, view Avalon's
P&C brochure, or to apply for the TLR, complete Avalon's
P&C application.
For further information, contact your local Avalon office or
Kim Beiswanger, Product Manager at Avalon’s corporate
headquarters. Kim can be reached at her direct line:
(847) 700-8076 or at
kbeiswanger@avalonrisk.com.
To view a directory of Avalon’s office locations, please
visit our Web site at
www.avalonrisk.com.
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