PVA Advises On Terrorism Insurance
The Passenger Vessel Association (PVA) recently distributed the following to advise its members regarding terrorism insurance. The shocking events that occurred on September 11 took all of us by surprise. Since then, we've all started to ask ourselves some basic questions that will help us to protect our companies, property, and employees from further harmful situations, if they should occur. One of these important protective elements is insurance. Many vessel operators who need more information about how to protect their businesses have approached the people at Aon Risk Services, the PVA Endorsed Insurance Program. There has been some conflicting information was to whether Terrorism/Malicious Acts are insured under the PVA Insurance Program.
Oversight Hearing on Terrorism Risk Insurance Program
The Senate Committee on Banking, Housing, and Urban Affairs conducted an oversight hearing on the terrorism risk insurance program. The Honorable Brian Roseboro, Under Secretary for Domestic Finance of the Treasury Department, testified about implementation of the program. He acknowledged that there has been little āup takeā of terrorism insurance, but declined to speculate on the reason. Mr. Richard Hillman, General Accounting Office (GAO), testified that significant progress has been made in the implementation of the Terrorism Risk Insurance Act (TRIA), but that Treasury still has numerous tasks unfinished. Mr. John Degnan, The Chubb Corporation, recommended that the TRIA be extended for two additional years. Mr.
MARAD To Sponsor Seminar
The U.S. Maritime Administration (MARAD) is sponsoring a seminar in New York on May 31, 2002 entitled Issues regarding Terrorism Insurance in the Maritime Industry. The keynote address will be given by MARAD Administrator William Schubert. Items on the agenda include Terrorist Insurance Legislation Proposals and Status and Insurance and Beyond.
President Urges Congress to Pass Bills
The President urged Congress to enact, before it adjourns, bills providing for terrorism insurance and establishing the Department of Homeland Security. Congress originally planned to adjourn on October 4, but is now tentatively scheduled to depart on October 18.
