Workers Comp Term Of the Day - Terrorism Risk Insurance Act (TRIA)

Federal law signed into law by President Bush in 2002. . The Act created a federal "backstop" for insurance claims related to acts of terrorism. The Act is intended as a temporary measure to allow time for the insurance industry to develop their own solutions and products to insure against acts of terrorism.

The time frame of the act is:

• Expired December 31, 2005, but was extended for another two years
• December 2005, extended to December 31, 2007
• December 26, 2007, extended under TRIA through Dec. 31, 2014

We see during almost all premium audits a surcharge by the insurance carrier for this coverage.