Clarke & Sampson Blog

What Is Terrorism Insurance (TRIA)?

Posted by Scott Jefferson

Oct 11, 2013 9:35:00 AM

While working on commercial insurance packages we are often presented with the question, “What the heck is terrorism insurance?” Terrorism insurance is protection against damages by certified acts of terrorism as determined by the Secretary of the Treasury. In order to qualify as terrorism, the act typically must be a violent action, or threat to human life, property or infrastructure, that attempts to influence people, policy, or government conduct.

As a result of the attacks on September 11, insurance carriers suffered enormous losses. In the midst of an unstable insurance market, the government enacted the Terrorism Risk Insurance Act to serve as a backstop against catastrophic losses.

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Topics: Business Insurance, Terrorism Insurance