ART JOSETTI
HNI Account Executive
The federal Terrorism Risk Insurance Act (TRIA) passed the U.S. Senate on Thursday, Jan. 8, and the legislation likely will be passed into law by President Obama in the coming days.
The federal Terrorism Risk Insurance Act (TRIA) passed the U.S. Senate on Thursday, Jan. 8, and the legislation likely will be passed into law by President Obama in the coming days.
Effective Dec. 31 (that's Wednesday), the U.S. government’s reinsurance program for terrorism insurance coverage will expire.
Here's a look at what to expect in business insurance in 2015, courtesy of HNI's risk-management-obsessed brain trust:
Many in the insurance industry believe it's time to pass a long-term extension for the terrorism insurance law. The Terrorism Risk Insurance Program Reauthorization Act is set to expire Dec. 31, 2014, and industry representatives and legislators have been vigorously debating the act this fall.
Insurance is tricky. It's not like buying a chair or a shirt or groceries. When you buy insurance, you're buying a promise. It's a promise that if something catastrophic happens to your business, your carrier is going to assist you to make your business whole again. Sometimes, though, it's tempting to question the value of insurance because it is an intangible product.
Information risk is an emerging concern for many businesses. Are you ready for the complicated and costly responses to Internet-based liabilities?
HNI works with high-performing companies to help them address the hidden risks in their business and avoid The Insurance Dependency Trap. This is done by proactively DE-RISKING their business so they can be less dependent on insurance.
HNI also offers the basic services of insurance and employee benefits. HNI has offices in Milwaukee, Chicago, and Minneapolis.