Posted on 09/11/2014 6:47:21 PM PDT by massmike
The Boston Marathon bombing attacks have not been certified as an “act of terrorism” by the US Treasury, an important point holding up some insurance payments.
In the wake of the 9/11 attacks, Congress passed the Terrorism Risk Insurance Act, which created federally-backed insurance in cases of damage due to terrorism. Some Boston businesses were among those that bought the insurance.
Those purchases became relevant after the Boston Marathon bombings on April 15, 2013. Of the 160 companies located near the marathon’s finish line that submitted insurance claims, just 14 percent had purchased terrorism insurance, Insurance Journal reported.
But as of March 2014, many of those that held terrorism insurance had their claims denied. Why? The Secretary of the Treasury Jack Lew has not certified the attacks as an act of terrorism for these insurance purposes, a requirement under the wording of the Terrorism Risk Insurance Act (TRIA).
“The Secretary has not determined that there has been an ‘act of terrorism’ under the Terrorism Risk Insurance Act,” a Treasury spokesperson emailed on Thursday.
Part of the reason for that ruling has to do with the amount of monetary damage done by the bombing. Under the federal law’s wording, a destructive act cannot be certified as terrorism if insurance losses total less than $5 million in aggregate. As of March, the state’s largest property and casualty insurers had issued $1.9 million in bomb-related insurance claims, The Boston Globe reported, well below the required $5 million amount. In addition, compensation is not paid out unless the aggregate losses total more than $100 million, according to the statute.
(Excerpt) Read more at boston.com ...
Just an act of love and concern.
What about all the funds derived from the multitude of bank shakedowns by the DOJ?
A Cookout Accident
Neither does the US treasury know who owns the money supply.
Every mussie bombing or shooting will be an act of individuals and nothing to do with islam (small I on purpose)
Amish For Isis!!
lets give peace a chance
“Workplace violence?”
terrorism?
no way.
why, the Boston bombings were just a small incident of playplace violence
kumbayah
I dispute there was a neighborhood there. - let the blame America first libs stew on that.
Politically, 0Bamma claims that he defeated terrorism. Therefore, terrorism is not permitted to exist. Sometimes, the terrorists get out of hand, but they are told they are no longer terrorists.
They set off the bomb and blamed it on us!!!
We will lose this war unless our “leaders” find their balls and improve their enemy identification skills.
Obvious pressure-cooker malfunction as the Tsarnaev bros were donating the items to the nearest soup kitchen to help feed the homeless. C’mon Holder…go after the manufacturer.
The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal “backstop” for insurance claims related to acts of terrorism. The Act “provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism.” The Act was originally set to expire December 31, 2005, was extended for two years in December 2005, and was extended again on December 26, 2007. The current law, under the Terrorism Risk Insurance Program Reauthorization Act, is set to expire on December 31, 2014
pressure-cooker malfunction —
Yes. Of course. Mistakenly assumed to be malicious. Must apologize.
OK, “these two young men were not Muslim and they were not violent. Something must have provoked them into doing what they did.
“Whatever it was, it wasn’t really that bad. So let’s not be hatin’ on them! We’re better than that.”
Your US Treasury
It’s like Iran is telling our government what to say and do.
The U.S. Treasury is tasked to determine if an incident is terrorism...the Treasury Deptartment. Not the FBI. Not DHS.
What am I missing?
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