The U.S. Senate has adjourned for the year without extending the Terrorism Risk Insurance Program Reauthorization Act. Effective January 1, 2015 insurance carriers will be under no obligation to renew terrorism insurance policies.
Following is a short list of actions that you can take now:
- Review your insurance contract to understand the ramifications of TRIA’s expiration and available options
- Pay special attention to any sunset provision in the policy, and have a good understanding of how the current carrier is responding.
- Review all lending agreements and communicate with respective lenders to determine terrorism coverage requirements.
As a market leader, USI has developed a competitive program available worldwide for property risks to support companies left unprotected by TRIA’s nonrenewal. Review USI’s brief Q&A document with more depth on this topic.