WASHINGTON (1/15/15)--The Terrorism Risk Insurance Act has been extended for six years. President Barack Obama signed an extension bill that was approved by both the House and Senate over the last week.
The Terrorism Risk Insurance program was created after the terrorist attacks of Sept. 11, 2001, and it allows the government to repay business costs after terrorist attacks. It temporarily expired on Dec. 31 but now with the president's signature to the bill, it has authority to continue until 2020.
The extension legislation also doubled to $200 million the amount of damage that must occur before government intervention can be invoked, up from $100 million in the original act.