Author Archives: Caroline McDonald

About Caroline McDonald

Caroline McDonald is a writer and former senior editor of the Risk Management Monitor and Risk Management magazine.
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Are Critical Infrastructure Issues Finally Being Addressed?

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The recent collapse of an Interstate 75 overpass in Cincinnati, killing a worker and injuring a truck driver, is yet another reminder of the plight of America’s infrastructure, which is estimated to require billions of dollars to bring up to 2015 standards.

The bridge that collapsed had been replaced and was being torn down as part of an extended project to increase capacity on a congested, accident-prone section of the interstate, according to the Associated Press.

President Obama, speaking today in Saint Paul, Minnesota, outlined several proposals, including launching a competition for $600 million in competitive transportation funding and investing in America’s infrastructure with a $302 billion, four-year surface transportation reauthorization proposal, according to a press release from the White House. Obama also plans to “put more Americans back to work repairing and modernizing our roads, bridges, railways, and transit systems, and will also work with Congress to act to ensure critical transportation programs continue to be funded and do not expire later this year.”

More and more, states are finding ways to fund infrastructure repair. New York Gov. Andrew Cuomo, for example, in his State of the State address, proposed $3 billion in loans and grants for infrastructure upgrades, including $1.3 billion for the Thruway and the new Tappan Zee Bridge, which is under construction. The money, he said, would come from a a $5.4 billion windfall from bank settlements.

A report by the American Society of Civil Engineers (ASCE), “Failure to Act: The Impact of Current Infrastructure Investment on American’s Economic Future,” found that the cascading impact of putting off repairs affects the entire economy. The report concluded that, between 2013 and 2020, there will be an investment gap of about $846 billion in surface transportation.

At risk are a number of bridges and overpasses. According to Risk Management magazine:

“Right now, 11% of our bridges across the country are rated structurally deficient and another 13% are considered functionally obsolete,” Andrew W. Herrmann, 2012 president of the American Society of Civil Engineers (ASCE) and principal with Hardesty & Hanover LLP, an infrastructure engineering firm. “This means they were designed to an older standard, so they may not have the same lane widths or turning radius or may have been designed to carry lesser loads.”

Deterioration of the nation’s infrastructure jeopardizes public safety, threatens quality of life, and drains the U.S. economy. “If they have to start closing down, restricting or putting mileage postings on bridges, the economy will be affected,” said Herrmann, who served on the advisory council for the 2003, 2005 and 2013 report cards and chaired the council for the 2009 edition.

“Bridges are the most pressing need in the infrastructure overall. You can have all the roads and highways you want, but if you don’t have the bridges to cross the rivers and intersections, it slows everything down.”

He observed that, from a bridge engineer’s perspective, investments need to be made to keep bridges in good repair. The Federal Highway Administration (FHWA) estimates that it needs $20.5 billion annually to eliminate the nation’s backlog of bridge repairs by 2028, but only $12.8 billion has been budgeted. The challenge, then, for federal, state and local governments is to increase investments in bridges by $8 billion annually.

TRIA Signed into Law by President Obama

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The insurance industry breathed a sigh of relief this week after President Obama signed legislation reauthorizing the Terrorism Risk Insurance Act (TRIA), which had been allowed to expire on Dec. 31, 2014.

The Terrorism Risk Reauthorization Act of 2015, H.R. 26, was passed by the House on Jan. 7 by a vote of 416 to 5 and the Senate, 93 to 4.

“After several years of delivering testimony, lobbying and developing initiatives that allow RIMS members to voice their concerns regarding TRIA’s expiration, our hard work was finally rewarded,” said Rick Roberts, 2015 president of RIMS. “We are thrilled that Congress and President Barack Obama finally realized that this federal backstop is more than just an insurance issue.

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 TRIA offers all organizations that do business in the U.S. financial protections to cope with the very real and unsettling devastation caused by terrorism, as well as the confidence to remain focused on their objectives.”

“A well-functioning private terrorism insurance marketplace has been preserved because Congress and the Administration made TRIA’s reauthorization an immediate priority,” said Leigh Ann Pusey, president and chief executive officer of the American Insurance Association (AIA). “The program, which has overwhelming bipartisan support, will continue to protect our nation’s economy against major acts of terrorism.  AIA thanks Congressional leadership and the Administration for moving so quickly to reauthorize TRIA.”

TRIA was first signed into law in 2002 by President George W. Bush. It was later extended as the Terrorism Risk Insurance Extension Act of 2005 and in 2007 the president signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA).

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The law, which is administered by the U.

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S. Department of the Treasury created a “temporary federal program that provides for a transparent system of shared public and private compensation for certain insured losses resulting from a certified act of terror,” according to the Department of Treasury.

The final version reauthorizes the program for six years with the following changes:

  • An increase from $100 million to $200 million is phased in to the program’s trigger by 2020.
  • Decreases federal share of losses from 85% to 80% by 2020
  • Increases the government’s mandatory recoupment amount from $27.5 billion to $37.5 billion by 2020
  • Increases recoupment percentage amount from 133% to 140%
  • Streamlines the certification process for an act of terror by removing the Secretary of State and Attorney General from the formal process
  • Instructs the Secretary of Treasury to issue a certification timeline to Congress

The National Association of Professional Surplus Lines Offices (NAPSLO) said it continues to gather information on the impact of TRIA’s reauthorization.

NAPSLO issued a side-by-side comparison of the expired TRIA program and H.R. 26:

Congress Overwhelmingly Passes TRIA Bill

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After a last-minute failure by the Senate to pass the Terrorism Risk Insurance Act (TRIA) in December, the bill was overwhelmingly passed by the Senate on Jan. 8, with a vote of 93 to 4. The House of Representatives had voted 416 to 5 to pass TRIA in December. The bill now awaits President Obama’s signature.

H.R. 26, which is the same as last year’s amended S. 2244, reauthorizes TRIA through the end of 2020. Under the six-year extension, starting in 2016, there will be phased-in increases to the program’s trigger, raising it from $100 million to $200 million in annual aggregate insured losses, and the insurer co-share will be raised from 15% to 20%. The bill also phases in an increase in the aggregate amount of insured terrorism losses that must be borne by the private sector from the current $27.5 billion to $37.5 billion. Taxpayer dollars to fund those losses would be recouped post-event.

Several industries were quick to praise TRIA’s passage, as the Senate’s failure to reauthorize the Terrorism Risk Insurance Act in December left insurance buyers facing renewals on terrorism coverage with unanswered questions.

The Commercial Real Estate Development Association (NAIOP) praised the bill’s passage, saying, “This is sound policy because it enables insurers and private sector capital to provide coverage for losses that otherwise would fall upon the taxpayer. This vital security blanket could help save billions of dollars that would otherwise be spent in the aftermath of a terrorist attack. Renewing TRIA for six years represents a major victory for the commercial real estate industry and the millions of jobs and economic growth it supports. Today’s vote gives developers the peace of mind to invest in an industry that contributed $376 billion to GDP last year, supported 2.8 million jobs, and produced $120 billion in personal earnings.”

The Coalition to Insure Against Terrorism (CIAT) said in a statement, “CIAT members are pleased the Senate has acted quickly to approve TRIA reauthorization as one of the first orders of business in the new Congress. We commend Majority Leader McConnell and Minority Leader Reid for their leadership in seeing this critical legislation through to completion, and are encouraged by the strong bipartisan support for reauthorization in both chambers.”

Marsh & McLennan said it “applauds the new Congress for its swift reauthorization of this critically important public-private partnership, which will help to ensure a reliable marketplace for terrorism coverage in the event of attack. We are pleased that TRIPRA directs the Treasury Department to review the protocols for certification which would help to protect the nation’s economic security in the event of a terrorist attack.”

Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), said in a statement that the “terrorism risk insurance program will remain in place protecting our nation’s economy, policyholders and taxpayers. Congress’ timely reauthorization of TRIA will preserve a well-functioning private terrorism insurance marketplace.” She added, “As with previous TRIA reauthorizations, the primary responsibility for financial recovery is placed on the private sector in all but the most catastrophic of events.

“Congress’ bipartisan action on TRIA this week will help ensure the continued availability of terrorism risk insurance, providing stability for the broad range of businesses of all sizes that depend on this essential coverage,” noted the National Association of Real Estate Investment Trusts (NAREIT). “We strongly urge President Obama to sign this legislation into law at the earliest opportunity.”

ISO announced that it is filing revised terrorism forms in response to passage of the act. The revised forms will be for insurer use in most states shortly after President Obama signs the bill, known as the Terrorism Risk Insurance Program Reauthorization Act of 2015.

Frigid Weather Heightens Ice Hazards

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Freezing weather now sweeping across much of the U.S. brings a greater risk of ice storms and underlines the need for careful planning and heightened safety measures.

In fact, it does not take much ice to create disaster conditions.

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Even a thin coat of ice can create dangerous conditions on roads. Add strong winds and you have a recipe for downed trees and power lines, bringing outages that can last for days.

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According to The Weather Channel:

The Weather Channel also categorizes ice storms as nuisance, disruptive or crippling. A nuisance event is usually one of less than a 1/4 inch of ice. While these lighter accumulations are considered a nuisance, travel can still be extremely dangerous. A disruptive ice storm typically has 1/4 to 1/2 inch of ice accumulation, with ice starting to damage trees and power lines. Crippling ice storms, which have widespread accumulations of more than 1/2 inch, can cause severe tree damage resulting in power outages. The most devastating storms contain ice accumulation of an inch or more.

A special hazard to drivers is black ice, caused when moisture in the air freezes when it comes in contact with a much colder roadway, or when a sudden drop in temperature causes an already wet roadway to quickly freeze.

Fleet group ARI cautions against driving on black ice, which it said is most commonly found on overpasses and on roads that wind around bodies of water such as lakes and rivers.

ARI offers these tips for drivers:

  1. Drive slowly – The best way to avoid skidding out of control is to operate your vehicle at a slower speed. A slower speed will even give you more time to react to the effects of black ice
  2. Don’t slam the brakes – While it may be a natural instinct to slam on your brakes, this will only cause your car to lose control and slide even more. Tap the brake pedal lightly instead of pushing down hard on it.
  3. Maintain a safe following distance – In situations like this, you need to extend you following distance to ensure you will have ample time to react to the motorist ahead especially if they begin to lose control.
  4. Look for trouble spots ahead – If you have an idea that there may be black ice ahead (if you see cars ahead of you sliding, for example), downshift to a lower gear before you come onto the black ice. The lower gear will force you to drive more slowly and it will give you better control of your car.
  5. As soon as your car begins to slide on black ice, take your foot off the gas pedal – In fact, the last thing you want to do is give your vehicle more gas. It is very important to slow down when you are driving on black ice or in any other winter road conditions.