Washington, DC (WorkersCompensation.com) – Workers’ Compensation insurers breathed a collective sigh of relief last month after President Trump signed legislation that includes a 7-year extension of the Terrorism Risk Insurance Programs. H.R. 1865 is one of two budget bills that will also prevent a federal government shutdown.’
Because workers’ compensation is mandatory for most employers in most states, the extension of TRIA is especially welcome news. Strategies available for other types of insurance, sch as imposing policy limits or excluding coverage for terrorism are not available in workers’ compensation.
The fact that TRIA was extended in advance of the 12-month expiration means insurers will not need to deal with policies that could have potentially ended with no government terrorism program in place.