Still, though, he says, "There is a high uncertainty regarding certain types of terrorist attacks," and he mentions NCBR
attacks as an example.
To fill in the gaps of their terrorism risk management program (even for NCBR
), to keep control over their money, to tap into the federal TRIA program, to access reinsurers directly and for all of the other numerous reasons cited for alternative risk transfer, many companies use captives for terrorism coverage.
The Senate Banking Committee passed a more scaled-down extension in mid-October that would keep more or less the existing terms in place for an additional seven years and contain no NCBR
Coverage under TRIEA, however, is somewhat scaled-back--commercial auto, burglary/theft, surety and professional liability are no longer covered, while nuclear, chemical, biological and radiological (NCBR
) coverage will not be required in property and liability policies.
The issue of coverage for Nuclear, Chemical, Biological and Radiation (NCBR
) was repeatedly brought up at the hearings.
"To address the growth in chemical warfare, some are buying Nuclear, Chemical, Biological and Radioactive cover" (NCBR
) both for property and liability, Fox adds.