US Treasury Has Not Determined Boston Marathon Bombings Were ‘Act of Terrorism’

boston.com ^ | 09/11/2014 | Eric Levenson

[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.

[a fool in paradise]

He did it all to see his picture on a cover of the Rolling Stone...

[Slings and Arrows]

You’d think that the FRIGGIN’ BOMB would be a hint.

[Nachum]

He did it all to see his picture on a cover of the Rolling Stone...

On the cover of the Rolling Stone

http://www.youtube.com/watch?v=-Ux3-a9RE1Q

[VTenigma]

Add up all the medical bills and it’s well over $5mil dumbass. (Jack Lew)

[odawg]

When I was very small, I watched a carpenter using a circular saw and I couldn’t figure how he started it just when he needed to. I didn’t see the button under his finger. He was a prankster and told me that you had to hold your tongue just right and preceded to act it out. Maybe that is what is going on here.

[SWAMPSNIPER]

“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”

H. L. Mencken