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The Terrorism Risk Insurance Act is Set to Expire in 2014. International Pollution Liability Coverage is Taking New Positions

Author: defadmin 1-04-2013, 20:28

As the Insurance Journal reported:
All the insurance acts that help to fight with international terrorism are going to be expired on December,31, 2014. Two representatives of the global law firm Edwards Wildman Palmer LLP insurance attorneys John P. Dearie, Jr. and Brian J. Green provided the source with the developments in this direction. Many researches in this sphere believe that

The extension of TRIA is necessary because the private insurance market does not have the capacity, or the interest, in reinsuring terrorism risk.
It’s still really hard for the market to gauge the risk of terrorism. Such an extension can become the political issue. That kind of bill was provided by the Rep. Michael Grimm and Rep. Carolyn Maloney. The most interesting thing is that an extension itself only involves minimal costs. 


If Congress will decide what to do about TRIA it’ll help to avoid the number of problems on January,1, 2014. Last time when the TRIPRA was under consideration by the President Bush it was adopted only in five days before being expired.


Some believe that new bill will be completely new then the current one.


Yes, that is entirely possible. Although the recently-proposed bill did not change any of the program’s terms beyond extending it through 2019, we anticipate that other bills will include substantive changes to the program,
as the source runs.


Congress is also going to clarify the situation with the cyber-terrorist attacks in an extension.


As the Insurance Journal reported:
The ACE Group USA has provided a foreign casualty pollution liability coverage endorsement. It’s supposed to provide coverages for U.S.-based multinational organizations. This kind of coverage provides borderless international pollution liability protection. It’s mostly oriented for environmental liabilities.
 

The product offerings range from guaranteed cost package policies to complex multinational programs with risk transfer options,
as the source says.


There also exist a web-based information portal. Its main task is to help risk managers and brokers with multinational insurance programs.

by Vladimir Dmitriev