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Ken's Corner In December, President Bush signed the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA). TRIPRA extends the federal “backstop” for terrorism risk through Dec. 31, 2014. That is good news for agents, their clients and anyone who has a stake in a healthy workers’ compensation system. Congress passed the original act, the Terrorism Risk Insurance Act, in response to the September 11 attacks on the World Trade Center. The losses associated with the attacks were so extensive that some property and casualty carriers were unable to cover their claims. Under TRIPRA, the federal government will step in to help cover claims associated with foreign and domestic terrorism. The act is triggered when total industry losses reach $100 million. Texas Mutual Insurance Company worked side by side with other state funds to persuade Congress to pass TRIPRA. We provide TRIPRA coverage through an endorsement, at no cost to your clients. Notice of the coverage appears on the underwriting quote sheet. As always, we are financially strong and ready to serve Texas long into the future. We maintain a healthy policyholders’ surplus to ensure that we are here for you and your clients when other carriers abandon you. I encourage you to visit the news and publications section at www.texasmutual.com and read our 2007 annual report for details about our financial strength. We certainly hope that our nation never experiences another tragedy like September 11. If it does, it is comforting to know the federal government will help ensure the victims get the benefits they are entitled to receive. If you have questions about terrorism risk coverage, please feel free to contact your agency representative at (800) 859-5995. You also visit the U.S. Department of Treasury. MUTUAL INTERESTS - Spring 2008 Texas Mutual® is a registered service mark of | ||
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Spring 2008