7/1/2013 - The timely renewal of the Terrorist Risk Insurance Act
In a world where terrorist activity is a substantial threat to the United States, President George W. Bush signed the Terrorism Risk Insurance Program Reauthorization Act, (TRIA) into law in late 2007.
But without congressional approval, the act is set to expire late next year. To prevent this from occurring, Selective joins the insurance industry in urging lawmakers to pass the TRIA in a prompt fashion to avoid a potential lapse.
Ensuring that terrorism insurance is available to sectors of the economy, TRIA provides rapid assistance to impacted businesses to help ensure economic stability, and has nearly no cost to taxpayers. The TRIA is a crucial piece of legislation, which provides assistance to businesses like the ones impacted along the Boston Marathon route.
With the reauthorization of the TRIA, the country's economic function may be more properly kept in good condition, shielding business owners and employees from incurring financial loss.
Selective encourages policyholders to reach out to their congressmen, urging them to support the renewal of the TRIA so business owners can be provided with rapid assistance in the event of a terrorist act.