• Player's Point: The Elusive Promise: Terrorism Coverage Under TRIA
  • June 7, 2007 | Author: Thomas A. Player
  • Law Firm: Morris, Manning & Martin, LLP - Atlanta Office
  • December's Player's Point came out just before the Terrorism Risk Insurance Act of 2002, Pub. L. No. 107-297, ("TRIA" or the "Act") was signed into law by President Bush. These were days full of promise for broad terrorism coverage for consumers. As we all know, the Act was in response to the market. Terrorism insurance was limited and expensive. The real estate and construction industries especially were lobbying hard for coverage for projects stalled by skittish lending awaiting adequate insurance coverage. Ask most of these lenders today, and I'll bet they believe the highest risk of loss is by means of a "dirty" bomb. That is, a bomb containing nuclear fuel which causes loss by dispersing long-lasting radiation in addition to its initial violent blast. We are just learning what the British and our government have known for some time: that al Qaeda has the blueprints and the capability to make a "dirty" bomb. To most, this will not come as a huge surprise.