Two bombs detonated within seconds of each other near the finish line of the Boston Marathon, killing three and injuring more than 180 people. Gunmen killed 12 at the office of a French satirical magazine.
A gunman killed nine in an attack at Emanual African Methodist Episcopal Church in Charleston, S.C. Another gunman killed four Marines and a Navy sailor at two locations in Chattanooga, Tenn. A man flew his single engine plane into the Austin, Texas, IRS building, killing himself and one IRS employee and injuring 13 others.
These incidents are just a few examples of acts of terrorism and terrorism-related violence that continue to increase worldwide. And recent lone-wolf attacks keep the threat of terrorism on the minds of U.S. business owners and executives.
While acts of terrorism and political violence are a significant threat to a company's global operations, the January authorization of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) helped prevent disruption and provided greater certainty to terrorism insurance markets in the United States, according to Marsh's "2015 Terrorism Risk Insurance Report." The report summarizes TRIPRA, provides benchmarking related to terrorism insurance take-up rates and pricing, and offers risk management solutions for terrorism risks that will be useful for organizations even if they purchase terrorism insurance.
Here are 16 key points insurance agents and risk managers need to understand about protecting a company's bottom line against terrorism and terrorism-related risks.
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