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Terrorism Insurance Cover
Manage episode 315064114 series 3171065
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Terrorism insurance is insurance that covers potential losses and liabilities that might arise as a result of terrorist activities, says Randon Morris. Any losses caused by terrorism is not covered by standard business policy. Before the 9/11 event terrorism coverage was included in a package offered by a private insurance company without any extra charges. But after the event insurance companies globally makes changes to their policy by offering terrorism coverage separately.
The Terrorism Risk Insurance Act(TRIA) that was later put into place in 2002 was to ensure that businesses that fall victim to terrorist attacks get enough resources to recover from their loss.
Randon Morris is here to shed more light on terrorism insurance cover for Commercial Businesses.
How Terrorism Insurance Works
Losses are only cover by terrorism insurance policy after an event has been official certified as an act of terrorism by the secretary of the treasury, says Randon Morris. Any loss that doesn't exceed $5 million or cause damage of about $100 million cannot be certified as an act of terrorism by the U.S. Department of Treasury.
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