This bill extends the federal Terrorism Risk Insurance Program (TRIP) by seven years, moving its expiration from 2027 to 2034. TRIP acts as a federal backstop for insurers facing major terrorism-related claims, helping keep terrorism insurance available and affordable for businesses and property owners. The bill updates deadlines in the original act, including delaying mandatory government recoupment of payouts from insurers by several years—providing insurers with more time before they must reimburse the government after large claims. By continuing federal support and adjusting these financial timelines, it aims to stabilize the terrorism insurance market and maintain access to coverage in high-risk sectors.
