Terrorism Risk Insurance Program Extension Act of 2004

This bill would have extended a federal program that provides a financial safety net for insurance companies in the event of a major terrorist attack. By extending the program through 2008, the legislation aimed to ensure that businesses could continue to obtain affordable property and casualty insurance, which is often required for construction projects and commercial operations. Additionally, the bill proposed expanding the program to include group life insurance and set specific limits on the amount of losses insurance companies would have to pay before federal assistance began. For the average citizen, this measure was designed to maintain economic stability and protect the availability of various types of insurance coverage following the market disruptions caused by the September 11 attacks.