What is Terrorism Insurance?

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Posted: Fri Apr 28, 2006 5:07 am Post subject: What is Terrorism Insurance?

Terrorism insurance protects the individuals and the businesses against the potential losses and liabilities due to the acts of terrorism. For individuals, the homeowner's policy provides the coverage from the damages like explosion, fire and smoke. These are the probable causes of damage in a terrorist attack. But, the terrorism insurance is not specifically mentioned in the standard homeowners insurance policy. Under TRIA (2002) it has been mentioned that, the owners of the business/commercial property must be offered the terrorism insurance to purchase to protect their buildings, factories, apartments.