Congress passed and President Bush signed (Public Law 110-160) an extension of the Federal Terrorism Risk Insurance Act (TRIA). First passed in the aftermath of 9/11, the Federal program backstops insurers paying losses caused by terrorism after a $100 million deductible. Pushed hard by commercial property developers and some insurers, the final bill was for a shorter time (7 years instead of 15) and does not mandate coverage of nuclear, biological and chemical losses. TRIA coverage of group life policies was not in the final bill.
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Feds renew option to stay in terrorism insurance business
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