Terrorism Risk Insurance Act (TRIA)

TRIA was enacted in 2002 after it became evident that policyholders in the transportation, energy, real estate, manufacturing, retail and entertainment industries were finding it difficult, if not impossible, to find adequate insurance coverage in the event of a terrorist attack. As we have stated in the past, it was vital both for the region and the nation that terrorism insurance legislation was enacted.

The fundamental purpose of TRIA was to return stability to the market so that policyholders could get the coverage they needed in a viable insurance marketplace. The legislation accounted for the complexity of the nation's unique insurance market and provided a federal backstop against potential losses.

TRIA sunsets at the end of 2005. Despite our hope at the time of passage that the private market would become viable, this does not appear to be the case. The New England Council supports a two-year extension to the TRIA program and extension of the "make available" provision to ensure greater market certainty. Failure to do so will effect policies that are negotiated this fall - but extend coverage beyond 2005.

Advocacy:

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• November 2007: Letter Supporting the Reform and Extension of TRIA