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Last week, New York joined the ranks of several states that may limit a government contractor’s access to insurance coverage despite being added, as set forth in the contract, as an “additional insured” under a prime or subcontractor’s insurance policy. Generally, it is within the purview of a government contractor to add its prime or subcontractors, or a particular government agency, to its insurance policy as additional insureds, to cover injury resulting from contract performance.…
Last week, the U.S. Congress adjourned for the year without making any provision for extending the federal Terrorism Risk Insurance Act (“TRIA”). Absent some sort of extension, TRIA thus will expire next week – on December 31, 2014. As a result, insurers will no longer be required to offer terrorism insurance, and even those insurers that do offer the coverage may well reassess their risk and price the coverage at substantially increased premium rates. Terrorism…