Extending Terrorism Insurance - 691 Words

â€Å"If, as m any expect, allowing the program to expire causes a sharp decline in the number of businesses with terrorism coverage, we find that the federal government could spend billions more in disaster assistance after an attack than it would with the program in place† (â€Å"Extending terrorism insurance,† 2014). Act creates an incentive for a functioning private terrorism insurance market through the promise of government support for losses that exceed a specified amount (â€Å"Extending terrorism insurance,† 2014). The analysis finds that in a terrorist attack with losses up to $50 billion, the federal government would spend more helping to cover losses than if it had continued to support a national terrorism risk insurance program (â€Å"Extending terrorism insurance,† 2014). Federal spending after future terrorist attacks on the United States may be higher if the nation’s terrorism risk insurance program is allowed to expire, according t o a new RAND Corporation study (â€Å"Extending terrorism insurance,† 2014). Congress reacted by passing the Terrorism Risk Insurance Act, which provides an assurance of government support after a catastrophic attack (â€Å"Extending terrorism insurance,† 2014). Congress reacted by passing the Terrorism Risk Insurance Act, which provides an assurance of government support after a catastrophic attack (â€Å"Extending terrorism insurance,† 2014). Without the program, terrorism insurance would become less available and more attack losses would go uninsured,Show MoreRelatedThe Act Of 2001 ( Usa Patriot Act, Or Usapa )1475 Words   |  6 PagesAfter the 2001 September 11th attacks on the world trade center the nations homeland security policies had to be reinforced. 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