What is Terrorism Insurance Coverage?
TRIA refers to the Terrorism Risk Insurance Act of 2002 should you ever see it on an insurance policy.
TRIA refers to the Terrorism Risk Insurance Act of 2002 should you ever see it on an insurance policy.
The coverage is offered as an endorsement which can be either accepted or declined. Terrorism insurance would only cover claims related to an event that the US Department of the Treasury certifies as an act of terrorism.
At the time of this writing, no acts of terrorism have been certified under TRIA and no federal payments to insurers have occurred since inception.
It’s entirely up to you as the client if you’d like to add the coverage, but most will look at it as a lower risk and not necessary.