NEW YORK (August 6, 2013) — RIMS new executive report “Terrorism Risk Insurance Act: The Commercial Consumer’s Perspective” explores the evolution of TRIA while highlighting the importance of its reauthorization to protect United States’ businesses from the devastating effects of terrorism.
The report, authored by members of RIMS External Affairs Committee, is designed to educate risk professionals on the TRIA implementation process, RIMS’ official position in support of its reauthorization, ongoing initiatives set to strengthen the Society’s advocacy, as well as a section responding to opposing views of the program.
“The challenge of predicting the extent of damages that could result from terrorism prevents insurers from providing their clients with adequate and affordable insurance. This uncertainty has forced organizations to rely on TRIA to fulfill those coverage gaps,” said RIMS Board Director Carolyn Snow. “With no indication from government as to their plans for the future of TRIA, risk professionals and insurance providers will run into major roadblocks when developing suitable risk financing programs, especially during the renewal process.
“RIMS External Affairs Committee has developed this comprehensive resource to help risk practitioners better understand the implications of TRIA’s expiration, encouraging them to join our fight for a long-term TRIA resolution.”
RIMS External Affairs Committee was created to analyze legislative, regulatory and legal issues; and formulate positions to be disseminated to the Society’s membership and to the public. The group’s mission is to advance the practice of risk management by serving as RIMS’ voice on public policy issues and to promote and maintain relationships with related industry groups, government agencies, and federal and state legislators. To learn more about RIMS External Affairs Committees, visit www.RIMS.org/externalaffairs.
The full executive report is free and can be downloaded in RIMS revamped Risk Knowledge library: www.rims.org/RiskKnowledge.