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Terrorism cover

From 2003, means: insurance, not exceeding 12 months in total and written as per the general cover to which it attaches, and otherwise in accordance with the Pool Re Underwriting Manual, to cover all losses subject to certain terms and conditions and excluded losses (war, including riot and cyberterrorism). The reinsurance cover is now ‘all risks’ (extended from fire and explosion) irrespective of the original policy perils. The direct insurer may still insert a terrorism exclusion limiting the scope of the cover obliging the insured to ‘buy back’ to the level offered by Pool Re. Insurers may now modify their definitions of terrorism. Previously insurers linked terrorism with acts for political, religious, ideological or similar purposes’. Pool Re’s definition links only to organisations seeking to overthrow governments. Cover offered by companies will come into line with that offered by Pool Re.

Terrorism endorsement

A provision attached to an insurance policy that restricts, excludes, or otherwise explains coverage for loss due to terrorist acts. The passage of the Terrorism Risk Insurance Act (TRIA) of 2002 voided all terrorism exclusion endorsements then in force on commercial property and casualty policies, to the extent that such exclusions eliminated coverage for certified acts of terrorism as covered by the federal program. It also led to the creation of many standard terrorism endorsements that provide for a wide range of terrorism coverage options from no terrorism coverage at all (permissible only when the insured rejects or fails to pay for TRIA terrorism coverage) to full coverage for both international and domestic terrorism, subject to the $100 billion program-year cap established in the Act.

Terrorism insurance

Insurance covering loss due to acts of terrorism. Unless endorsed to exclude loss due to terrorism, commercial insurance policies issued in the United States (for example, commercial property policies, commercial general liability (CGL) policies, and commercial auto policies) generally provide terrorism insurance coverage. Terrorism insurance also may be written on a stand-alone terrorism policy.

Terrorism Risk Insurance Act (TRIA) of 2002

Federal legislation enacted in 2002 to guarantee the availability of insurance coverage against acts of international terrorism. Under the Act, commercial insurers are required to offer insurance coverage against such terrorist incidents and are reimbursed by the federal government for paid claims subject to deductible and retention amounts. This legislation was modified and extended by the Terrorism Risk Insurance Extension Act (TRIEA) in 2005.

Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA 2015)

Passed in January 2015, after a delay when the outgoing Congress failed to reauthorize the Terrorism Risk Insurance Act (TRIA) in the last days of the 2014 legislative session, TRIPRA of 2015 extended TRIA through December 31, 2020. It also made several changes to the reinsurance program, including reducing the federal share of insured terrorism losses incrementally through 2020, increasing the trigger threshold for federal involvement in insured terrorism losses incrementally through 2020, and increasing the mandatory recoupment of federal losses incrementally through 2020.