Uncertainty Over Federal Support Of Terrorism Insurance
Law360, New York (April 29, 2014, 5:36 PM EDT) -- On April 21, 2014, nearly 36,000 people participated in the Boston Marathon. The event marked the first time since 1983 that an American won the occasion as well as the one-year anniversary of the Boston Marathon bombing. Although President Obama and law enforcement officials referred to last year's bombing as an "act of terrorism," the attack has not been classified as such under the Terrorism Risk Insurance Program Reauthorization Act ("TRIPRA"), which requires certification by the Secretary of the Treasury, Secretary of State and Attorney General, and that losses exceed $5 million. In addition to the certification process, Congress will consider other potential reforms to the Terrorism Risk Insurance Program — which is set to expire at the end of the year — in the weeks and months ahead....
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