Treasury Changes Terrorism Risk Insurance Program

Friday, January 02, 2004
The Treasury Department reminded all participants and observers of the Terrorism Risk Insurance Program that there will be two important changes in the program’s administration in 2004. As mandated by Congress, beginning on January 1, 2004 and throughout the remainder of 2004, an insurer’s deductible will increase from 7 percent to 10 percent of the insurer’s direct earned premium over the previous calendar year. Second, the “mandatory availability” provisions of the Act will require insurers to continue to make available coverage for certified acts of terrorism for the full annual policy periods of all commercial property and casualty insurance policies that are issued or renewed in 2004. The “make available” requirement under the Act applies to December 31, 2004 while coverage issued as a result of the requirement will extend for the normal annual policy period beyond 2004. As required by the Act, the Treasury Department will be evaluating whether the “mandatory availability” provisions should be extended for policies that are issued or renewed in 2005. The final and proposed regulation and other information related to the Terrorism Risk Insurance Program can be found at http://www.treasury.gov/trip/.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0814 sec (12 req/sec)