Professor William R. Feldhaus
RMI 4020 Property & Liability Insurance
TRIA Extension: A Necessity
Do you recall a time of great devastation and catastrophe? Did you own property that was damaged in a terrorist attack? One incident that will define terrorism, is what happened that afternoon September 11, 2001. On September 11, 2001, terrorists attacked the Unites States. They hijacked four airplanes in mid-flight. The terrorists then flew two of the planes into two skyscrapers at the World Trade Center in New York City. Thus, the impact caused the buildings to catch fire and collapse. Shortly after another plane destroyed part of the Pentagon (the U.S. military headquarters) in Arlington, Virginia. Lastly, the fourth plane crashed in Shanks Ville, Pennsylvania3. These terroristic attacks are some of the events that struck U.S citizens, taking lives, destroying families, and leaving more impaired physically and emotionally. Congress passionately passed TRIA (Terrorism Risk Insurance Act) in order to insure and compensate those affected by such devastating terrorism.
DEFINITION OF TRIA:
According to the U.S Department of Treasury TRIA is a law created establishing a temporary federal program that provides for a transparent system of shared public and private compensation for certain insured losses resulting from a certified act of terror, such as the attack on the monumental twin towers. The Claims Procedures Rule, in particular, specifically addresses requirements for Federal payment, the submission of an initial notice of insured loss, loss certifications, the timing and process for payment, associated recordkeeping requirements, as well as Treasury's audit and investigation authority. It's evident that Congress supports and ensures U.S citizens affected by terrorism. TRIA gives confidence to the U.S market that despite catastrophe there is a plan to recover under workers compensation. Workers' compensation insurers are particularly affected by a terrorist...