The US Treasury Department is to extend the “make available"...
The US Treasury Department is to extend the “make available” provision of the Terrorism Risk Insurance Act through to the end of 2005, claimed a report.
The provision had been set to expire at the end of 2004, with the Treasury having until the beginning of September to make a decision on whether to extend it or not.
The “make available” provision requires commercial property casualty insurers to participate in the federal terrorism pool created by the Act. It stipulates that insurers must make cover available on terms that are not materially different from the terms and exclusions in coverage for other events.
The extension means that the provision will run for the life of TRIA. The Act itself is due to expire at the end of 2005, unless the US Congress decides to extend it, said the report.
