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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. 

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