Workers' compensation premiums could soar unless Congress acts this year to extend the Terrorism Risk Insurance Act of 2002.
It was soon after the 9/11 attacks that federal lawmakers adopted the law, setting up a system in which insurers could again offer terrorism insurance coverage to companies because the feds established a government-backed reinsurance program to protect insurers from the worst possible situations.
That program ends at the close of 2014, unless Congress once again extends it, as it did in 2005 and 2007.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
