Search
 

A Tria In Limbo

Hours after the terrorist attacks of Sept. 11, 2001, insurance companies, realizing their enormous exposure to loss from the disaster (ultimately, close to $40 billion), ...

By Staff Writer | Updated on September 01, 2004

Hours after the terrorist attacks of Sept. 11, 2001, insurance companies, realizing their enormous exposure to loss from the disaster (ultimately, close to $40 billion), filed for terrorism risk exclusions in property insurance policies. Within weeks, more than 40 state insurance departments had agreed.

Suddenly, companies across the U.S., from high-profile targets in New York to midsize lumberyards in Indiana, either could not obtain terrorism insurance or could not afford the new stand-alone policies that quickly materialized in the wake of the attack. More than a year later, the federal government finally came to the rescue with the Terrorism Risk Insurance Act (TRIA) as a “temporary Federal program that provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.