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Federal Terrorism Risk Insurance Act (TRIA) = Extra Premiums?


Federal Terrorism Risk Insurance Act

The Federal Terrorism Risk Insurance Act appeared on Workers Comp policies since 2003. .Since the September 11 terrorist attacks, there has been a lot of concern over whether the insurance industry would continue to provide insurance for losses due to terrorism. So in 2002, congress enacted the Terrorism Risk Insurance Act.

Picture of USA Federal Terrorism Risk Insurance Capitol
Wikimedia Commons – Martin Falbisoner

It was intended to limit the liability insurance carriers are exposed to in the event of a major terrorist attack. The act provides a federal backstop for acts of terrorism resulting in at least $5 million in losses and certified by the US Treasury secretary as an insured loss. The act primarily covers property and casualty insurance other than worker’s compensation and requires the federal government to pay 90% of the cost of an attack by foreign terrorists after losses are greater than $10 billion, up to a total of $100 billion.

The act was reauthorized in 2007, extending the plan until December 31, 2014. The update also requires that losses exceed $100 million. The definition of “act of terrorism” was also revised, removing the requirement that the act of terrorism be committed by an individual acting of behalf of any foreign person or foreign interest.

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James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications


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