Tag: Terrorism Insurance

TRIA Is Set To Expire and Your Bank Is Now Exposed

Terrorism Risk Insurance (TRIA) Bank Risk Management

Congress just gave banks a lump of coal for Christmas and it is not being received well. Last week the Senate failed to extend the Terrorism Risk Insurance Act (TRIA) which means that this December 31st will be the last day of coverage. This government-sponsored reinsurance program put in place after 9/11 allowed property owners and lenders to cover catastrophic losses (those above $100k) from an event of terrorism such as a bombing, biohazard attack or similar.

 

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