Coalition presses treasury to dispel terrorism insurance myth.The Coalition to Insure Against Terrorism (CIAT CIAT Centro Internacional de Agricultura Tropical (Spanish: International Center for Tropical Agriculture, Colombia)CIAT Chartered Institute of Architectural Technologists (UK) ), of which NAA/NMHC are members, has asked the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Department to help dispel a misunderstanding held by many insurers, consultants and captive managers that the Terrorism Risk Insurance Act The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. (TRIA TRIA Terrorism Risk Insurance Act of 2002 TRIA Term Requirement in Average ) of 2002 does not cover losses caused by nuclear, biological or chemical (N/B/C) events. In a Nov. 7 letter, CIAT urged regulators to provide formal statutory confirmation that TRIA does not exclude N/B/C-related losses resulting from acts of terrorism. Although TRIA contains no reference to N/B/C perils or any other specific types of perils, there appears to be a common misunderstanding about the applicability of the Act to N/B/C coverage. The letter cited examples of media reports that incorrectly cited such exclusions, perpetuating confusion among CIAT member companies and their insurers about the applicability of TRIA to N/B/C risks. |
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