Origin

Following the terrorist attacks of September 11, 2001, insurers backed out of the terrorism insurance market place prompting Congress to create a federal reinsurance backstop program in the Terrorism Risk Insurance Act of 2002 which also mandated that insurers make terrorism coverage available along with its property and casualty lines. In Dec. 2005, Congress passed the Terrorism Risk Insurance Extension Act (TRIEA), which extended the federal terrorism insurance backstop program for an additional two years. On Dec. 26, 2007, just days before the Act was once again set to… Read More