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FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; media@iii.org
NEW YORK, September 10, 2015 — Enacted in the aftermath of 9/11, the federal Terrorism Risk Insurance Act (TRIA) gives businesses nationwide the opportunity to purchase terrorism insurance coverage, according to the Insurance Information Institute (I.I.I.)
In the event of a major terrorist attack, TRIA allows the insurance industry and federal government to share the costs of damages resulting from terrorist acts that are incurred by employees and commercial properties, according to a specific formula.
The current six-year TRIA extension, which took effect in January 2015, is successor to a 2002 law requiring insurers to offer terrorism insurance coverage to most commercial policyholders.
The I.I.I. has the following information on the topic:
Reporters interested in setting up a TRIA-related interview with an I.I.I. subject matter expert should contact Michael Barry, the I.I.I.’s vice president, media relations, at either 212-346-5542 or michaelb@iii.org.
The I.I.I. has a full library of educational videos on its You Tube Channel. Information about I.I.I. mobile apps can be found here.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org