Just a few months ago, the Terrorism Risk Insurance Act (TRIA), an Act that limits the amount of losses insurers would be responsible for in the event of a terrorist attack, seemed like a sure bet to be extended for a third time. Though both the House and the Senate had competing bills with significant differences, for the most part, both agreed that the program should be extended further into the future than in the past, in which it was given just a two-year re-up. But with the Dec. 31, 07 expiration date looming and new promises of a presidential veto, the fate of TRIA is suddenly looking grim.

There are several important differences between the House and the Senate bills. While the House asks for a 15-year extension of TRIA, the Senate requests just seven. Furthermore, the House bill mandates that coverage be made available by insurers to cover nuclear, biological, chemical, or radiological attacks, a point the Senate has yet to adopt in its version. Both bills, however, propose eliminating the domestic terrorism exclusion, thereby classifying all attacks — domestic or international — under the terrorism banner.

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