Bipartisan Group of Senators Introduce Measure to Reauthorize and Extend the Terrorism Risk Insurance Program


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.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Brownstein Hyatt Farber Schreck | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.