president Robert Hartwig offered the opinion that the magnitude of the risks inherent in NBCR "could easily exceed the claims-paying resources of private insurers, even with TRIREA
Especially important to the various policyholder groups that are CIAT's members, according to DePoy, are provisions of TRIREA
that would lengthen the term of the program to 15 years; give businesses the ability to secure NBCR coverage under the same terms and conditions as for conventional risks; eliminate the existing legislation's distinction between foreign and domestically-sponsored acts of terror; and reduce the program's trigger level.
In a September 19 statement, PIA declared its support for TRIREA and for "the inclusion of nuclear, biological, chemical and radiological attacks."
president Robert Hartwig, too, has expressed concerns over the inclusion of NBCR, saying that the magnitude of the risks "could easily exceed the claims-paying resources of private insurers, even with TRIREA in place."
Though it did pass, and handily, TRIREA was nearly derailed at the eleventh hour, as the Democratic majority in the House found itself hoisted on its own petard.
In addition to extending TRIA for 10 years with current co-payments and deductibles for conventional terrorism acts, the proposed TRIREA
would expand TRIA's "make-available" requirement to include nuclear, biological, chemical and radiological (NBCR) coverage, as well as change TRIA's definition of terrorism to include acts of domestic terrorism.