Tag: TRIA

Terrorism insurance is running out on the Las Vegas Strip

Julie Campbell
las vegas strip terrorism insurance

The federal funds that were helping to insure the area against an attack could soon dry up. Time is starting to run out on the federal dollars that are currently playing a vital role in the terrorism insurance that is helping to cover the Las Vegas strip in the event that an attack should ever occur. Federal and Nevada senators have said that they are now working to renew the federal program. The Terrorism Risk Insurance Program Reauthorization Act gives the American government the ability to help to pay for…

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Terrorism insurance reinforcements will soon be expiring

H. Cutner
terrorism insurance industry news 9/11 Memorial in 2004

Two competing renewal bills for the Act will soon be redefining the level of federal support for private insurers. As a result of a rash of damages and vandalism following the attacks on 9/11, terrorism insurance faced a total estimated loss of $32.5 billion, which caused insurers to start to create exclusions for the coverage for commercial properties across the country. Businesses struggled to be able to find coverage to protect themselves against financial losses from acts of terror. The concern from cities and states was that this lack of…

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Terror insurance coverage concerns felt by New York property owners

G. Turner
Terrorism Risk Insurance industry

The commercial real estate market in NYC is concerned about the upcoming expiry of the TRIA. New York City’s commercial real estate market is now facing worries about a threat that could shake its stability, when federal terror insurance reaches its expiry date in 2014. The Terrorism Risk Insurance Act was enacted in 2002 and uses taxpayer dollars to cover these disasters. The act was put into place the year following 9/11 and uses American taxpayer funds to provide protection for private insurers so that they can offer terror insurance…

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