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Terrorism Risk Insurance Act Extension Applauded by Real Estate Segment
The extension of the Terrorism Risk Insurance Act (TRIA) is expected to help market stability and economic growth, according to the Real Estate Roundtable. The extension passed in the House of Representatives 360 - 53.
TRIA creates a program within the Treasury Department in which the federal government covers 90 percent of losses after a deductible if damages caused by an act of terrorism exceed $5 million. The program coverage cap is $100 billion.
The seven-year extension of the TRIA will give lenders the economic guarantees preferred to finance real estate projects and assure developers their projects can be insured against terrorism attack, says Jeffrey DeBoer, president and CEO of the Real Estate Roundtable.
“With the path now clear for the president’s signature this month, a collective sense of relief will replace the anxiety that had surrounded TRIA’s scheduled expiration on December 31,” DeBoer says.
The Real Estate Roundtable says it will work with the U.S. Comptroller General to study provisions in the bill, including capacity issues in high risk areas that may be a target for terrorism and whether coverage should be extended to nuclear, biological, chemical and radiological events.