Nearly half (45 percent) of risk managers expect terrorism coverage limits to decrease if TRIA is not re-authorized, shows a poll by the Risk and Insurance Management Society (RIMS), and a quarter believes this would terminate terrorism coverage entirely.
"TRIA is integral to keeping affordable lines of terrorism insurance available to all organizations conducting business in the United States," says RIMS board director Carolyn Snow. "Without it, not only will individual organizations be more exposed in the event of a terrorist attack, our federal government would also take on the extraordinary burden of supporting its constituents during, an often costly, rebuilding process."
RIMS has publically voiced its support of TRIA reauthorization, and states in its report, Terrorism Risk Insurance Act: The Commercial Consumer's Perspective, that offering a government backstop on acts of terrorism causing $100 million or more in insured losses is an economic necessity.
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