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A Primer on Terrorism Insurance

By Kenneth M. Block and Jeffrey B. Steiner
December 02, 2005

The Terrorism Risk Insurance Act (“TRIA”), 15 USC '6701 et. seq., designed to make terrorism insurance readily available to property owners, is scheduled to sunset on Dec. 31, 2005. If the Act is not extended and the cost of terrorism insurance becomes prohibitive, lenders and borrowers may once again find themselves embroiled in controversy over the question of whether governing loan documents require such insurance.

TRIA

Prior to 9/11, terrorism insurance was typically issued without additional charge in about 70% of all insurance policies. (U.S. Department of the Treasury, Report to Congress Assess-ment: The Terrorism Risk Insurance Act of 2002, June 30, 2005.) By 2003, the number of insurance companies offering terrorism insurance at no cost dropped to slightly under 40%, as part of an industrywide effort to curtail terrorism coverage. After the events of 9/11, the National Council of Compensation Insurers recommended the use of blanket terrorism exclusions.

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