Congress has passed legislation to extend the Terrorism Risk Insurance Act (TRIA) for 7 more years, a move commended by the Washington, D.C.-based Building Owners and Managers Association (BOMA) Intl.
BOMA Intl. and the Coalition to Insure Against Terrorism (CIAT) have actively worked with Congress to extend the federal terrorism insurance backstop program that was set to expire on Dec. 31, 2007. The President is expected to sign the bill, called HR 2761, into law soon.
"Passage of HR 2761 is a huge victory for commercial real estate," says Brenna S. Walraven, BOMA Intl. chairman and chief elected officer. "The security of knowing that buildings will continue to be insured in the event of a terrorist attack is crucial for the continued growth and stability of our industry."
Initially, the House passed HR 2761 in September 2007, at which time the legislation included a 15-year extension and several additional provisions that take into account potential nuclear, biological, chemical, and radiological (NBCR) events. The Senate approved its own bill to extend the federal terrorism insurance backstop for 7 years and did not include many of the expansions to the program that were in the House bill.
BOMA applauds Congress for acting to extend this important program to ensure the continued availability of terrorism risk insurance at reasonable rates and terms.
BOMA Intl. is an international federation of more than 90 local associations and affiliated organizations. BOMA's 16,500-plus members own or manage more than 9 billion square feet of commercial properties in North America and throughout the world. Learn more at (www.boma.org).