With the current legislation nearing expiration, the House of Representatives voted to renew the Terrorism Risk Insurance Act on Wednesday, Dec. 7. Building owners nationwide are breathing a huge sigh of relief. Organizations like BOMA and the Coalition to Insure Against Terrorism (CIAT) have lobbied hard for the 2-year extension. The Terrorism Insurance Risk Revision Act of 2005 (H.R. 4315) was approved by a vote of 371 to 49.
Similar legislation was passed by the Senate on Nov. 17. The House and Senate must now reconcile differences - a process which is expected to begin this week. With the existing act set to expire Dec. 31, congressional leaders are pushing to have a bill to the president before 2005 ends.
According to the Associated Press article “House Votes to Renew Terrorism Insurance” (Dec. 7, 2005) by Jim Abrams, both bills would increase the amount of property and casualty losses that would trigger federal payments.
To find out more, visit the following websites: (www.boma.org), (www.insureagainstterrorism.org), and (www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2005/12/07/national/w112245S02.DTL).