So our workers' compensation insurance policy renewal arrived today. Workers' compensation insurance is required for businesses, btw.
It included a notice to policy owners about the Terrorism Risk Insurance Act, so I decided to read it.
Insurance companies are required by the government to include terrorism insurance as part of the workers' comp policy we are required to buy. Terrorism Insurance adds $188 to the annual cost.
For the insurance company to pay, there needs to be a "certified act of terrorism", which must be certified by the Secretary of the Treasury in concurrence with the Secretary of State and the Attorney General of the United States, based on a number of criteria including aggregate expenses in excess of $5 million dollars.
If someone blew up the Newgrounds office, this insurance does not cover the damage to our building - that would be covered by the terrorism clause of our property insurance.
However, if someone in the office lost their arms in the explosion and could no longer do their job, that would potentially be covered by this insurance.
Unfortunately, if someone blew up the Newgrounds office, it would not cause damage in excess of $5 million dollars, so the Secretary of the Treasury, Secretary of State and the Attorney General might not certify it as an act of terrorism, in which case our workers' compensation policy would not apply.
However, if we went to a convention and someone blew up the convention center and one of us lost our arms, this policy would likely cover that.
Just thought I'd share.