Policyholder Services



TRIA Reauthorized and OMIC’s Terrorism Insurance Coverage Endorsement Reinstated

Congress passed the Terrorism Risk Insurance Act (TRIA) in 2002, creating a temporary federal “backstop” for insurance claims related to acts of terrorism. It had been extended several times, and expired 12/31/2014. However, Congress recently passed and the President signed into law a reauthorization bill extending TRIA through 2020. Therefore, OMIC has reinstated the Terrorism Insurance Coverage Endorsement (OMC162), which was briefly removed from all OMIC policies when TRIA expired. This endorsement covers otherwise insured damages arising out of certified acts of terrorism. OMIC provides this benefit to all of its policyholders free of charge. The reauthorization legislation made some changes to the program. It decreases the federal share of compensation for insured losses from 85% to 80% and raises the program trigger amount in total losses from $100 million to $200 million, both incrementally over five years. OMIC has revised its Endorsement OMC162, effective 1/1/2015, accordingly. See it here: TRIA Endorsement OMC162 1 17 2015.

Please refer to OMIC's Copyright and Disclaimer regarding the contents on this website

Leave a comment



Six reasons OMIC is the best choice for ophthalmologists in America.

Leader in the industry.

A-rated by AM Best, OMIC is consistently ranked among the top malpractice insurance companies in America for financial stability. No other carrier has matched OMIC's consistent financial performance with regard to both combined, operating, and surplus ratios, the most relevant financial measurements for an insurance carrier.

61864684