Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In a recent ISO circular, additional information was provided in reference to the December 2016 Guidance Concerning Stand-Alone Cyber Liability Insurance Policies Under the Terrorism Risk Insurance Program (TRIP). The Terrorism Risk Insurance Act (TRIA) was developed in 2002 after the September 11, 2001, terrorist attacks as a way to provide a coverage backstop for terrorist acts until the industry develops a way to handle such losses. TRIA requires carriers to absorb a certain amount of property and casualty losses before being able to receive government funds for terrorist acts.

The act has been reauthorized a number of times, most recently in 2015. With the latest extension the treasury has provided new guidance to carriers regarding implementation of the program. Various types of policies are to be reported under TRIA, including “other liability”. One of those “other liability” coverages has been professional errors and omissions coverage; it has been listed as a sub-line within other liability and has been excluded from TRIP. 

This premium content is locked for
Insurance Coverage Law Center subscribers only.

Start a free trial to enjoy unlimited access to the single source of objective legal analysis, practical insights, and news for the insurance industry.

  • Access the most current expert analysis and daily developments across jurisdictions
  • Solve complex research issues with expert tools and intelligence
  • Tap into insurance coverage expert guidance

Already have an account?
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected].

ICLC Staff Writer


Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.