Extending the Terrorism Risk Insurance Plan for Five More Years (H.R. 4871)
Do you support or oppose this bill?
What is H.R. 4871?
(Updated July 13, 2017)
This bill deals with terrorism insurance, and is one of a number of bills addressing the TRIA Act. This bill extends federal coverage related to terrorist acts for another five years and ups the damage amount trigger for federal coverage of terrorist acts in increments, moving the amount to $200 million in 2016, $300 million in 2017, $400 million in 2018, and $500 million in 2019. Nuclear, chemical, biological and radiological events are not covered. The bill would also decrease the federal share of insurers’ losses from 85 percent to 80 percent.
Argument in favor
Ups coverage in increments and at five years is shorter than other, competing extender bills.
Argument opposed
The bill's nuclear and biological exemptions seem odd, as these modes of attack are likely ones.
Impact
The TRIA Act allows businesses to obtain terrorism insurance when it might otherwise be too costly to do so. This bill amends the Act's provisions.
Cost of H.R. 4871
A CBO cost is currently unavailable.
Additional Info
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