The Terrorism Risk Insurance Act (TRIA) is the foundation of the US insurance market for terrorism risks. In addition to providing a backstop against catastrophic events, this program sets out a series of processes and procedures that have had a profound effect on the underwriting, claims and financial strategies available to insurers and businesses as they manage the retention or transfer of their terrorism exposures. Despite the integral role the program plays in the commercial property and casualty market, there has never been a detailed and practical explanation of TRIA for the insurance and risk management professional.
The Terrorism Risk Insurance Act: A Practitioner’s Guide – fills that void. Written by a seasoned insurance professional with extensive regulatory, compliance and legal experience (including as an influential contributor to the TRIA debate since its inception), this book deconstructs the mechanics of the Terrorism Risk Insurance Program and identifies key risks to successful interaction with the program and potential controls to mitigate those risks. With clear step-by-step analyses of the make available obligations, disclosure requirements, claims procedures, pro rata loss percentage structure, federal causes of action, recoupment mechanism, mandated studies and other program elements, this first-of-its kind manual is a must-have for regulatory and risk professionals concerned with the management of terrorism exposures.