The US Treasury Department announced three months ahead of deadline that it is extending to the end of 2005 a provision of the Terrorism Risk Insurance Act (TRIA) that requires commercial property and

The act, passed by Congress in November 2002, created a three-year programme in which the federal government shares in the cost of a foreign terrorist attack that produces at least $5 million in insured losses. In return, insurers were required to offer terrorism coverage on commercial policies, but only through to the end of the year.