There’s been a lot of speculation that a TRIA reauthorization bill that recently was debated in the House would never become law due to Presidential resistance to some of its more generous terms.
Various outlets are reporting that a compromise measure has surfaced in the Senate. Insurance Journal offers this summary of the changes:
Both bills would eliminate the distinction between domestic and foreign terrorism.
However, the Senate version does not contain other features that the House wants, including a provision mandating that insurers make available coverage for nuclear, biological, chemical and radioactive (NBCR) attacks. Instead of including NBCR coverage as the House version does, the Senate bill provides for a study of the insurance challenges posed NBCR threats.
The Senate version also does not incorporate group life insurance or the lower retentions and deductibles the House supported. The Senate wants the government program to trigger after $100 million in losses, whereas the House sets the trigger at $50 million.
And just in case you don’t have an underwriter around to remind you, remember that 1/1 renewals are in the pipeline in at least certain markets.