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Terrorism Risk Insurance Act of 2002
Since September 11, 2001 the U.S. insurance industry has experienced tremendous change. Among the most far-reaching changes was the development and use of standard terrorism exclusion. Most insurers began excluding coverage for loss caused by terrorist acts. Previously, the coverage was provided, but since there was very limited experience with terrorist attacks on U.S. soil, there was no rate making process involved. Basically, the industry provided the coverage within the rates they charged for known exposures such as fire, windstorm, and premises liability. However, as the insured losses from the 9/11 attack approached $40 Billion, making it the largest single insured event of all time, the industry responded by limiting or excluding future terrorism claims.
In November of 2002 the president signed into law the Terrorism Risk Insurance Act of 2002. This legislation was passed to provide a backstop for the industry should similar events happen in the future. The act also served to provide a conduit for reinstating coverage industry wide for "certified" terrorist attacks.
The Toole Agency has compiled several links to information contained on other sites to assist you in understanding the implications the Terrorism Risk Insurance Act of 2002. By selecting a link below, you will visit the web site of a third party organization. The Toole Agency has not prepared the information contained in these links, but rather we have gathered them as a resource for our clients.
General Industry Links:
- International Risk Management Institute
- Tillinghast - Towers Perrin Report
- U.S. Treasury Terrorism Page
Independent Insurance Agents and Brokers of America Links (www.iiaba.org):
- Summary Of The Terrorism Risk Insurance Act Of 2002
- Full Copy Of The Terrorism Risk Insurance Act Of 2002