Congress Finally Renews Terror Insurance, But With New Requirements

After a delay that alarmed many – passage was held up in December by now retired Senator Tom Coburn of Oklahoma – the Terrorism Risk Insurance Program (TRIP) has been renewed. The law was quickly passed by the 114th Congress and then signed into law by President Obama on January 12. There have been changes, however, as summarized in an update from Perkins Coie. The firm also advises companies to confirm that their policies have a grace period through this month, reinstate coverage if necessary and to consult with insurance advisers on the impact the TRIP revisions might have on their coverage.