Yesterday, Sens. Chuck Schumer (D-NY), Mark Kirk (R-IL), Mike Johanns (R-NE), Dean Heller (R-NV), Jack Reed (D-RI), and Chris Murphy (D-CT) introduced a measure to reauthorize and extend the Terrorism Risk Insurance Act (TRIA) program—which is set to expire at the end of the year—for an additional seven years.
Congress initially passed TRIA following the September 11, 2001, terrorist attacks in an effort to ensure the availability of terrorism insurance policies. The program has been extended twice—once in 2005 for two years and again in 2007 for seven years. TRIA provides a federal backstop for terrorism insurance policies often utilized by real estate developers and an array of other commercial entities. Businesses seeking to secure policies for 2015 and beyond will face uncertainty until Congress reauthorizes the program. Such uncertainty could lead to inadequate capacity in the market and increase prices. It could also adversely impact investment and development in the near-term. As such, real estate developers, insurers, universities and other interested parties must work with Congress to reauthorize TRIA as soon as possible.
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