On Nov. 18, the U.S. House of Representatives passed a bill to reauthorize the Terrorism Risk Insurance Act of 2002 by an overwhelming bipartisan vote.
TRIA is a shared public/private insurance program available to the construction and real estate sectors to cover catastrophic losses caused by acts of terrorism. The program was established in response to the attacks of Sept. 11, which saw many private insurers pull out of the market and leave many builders unable to secure adequate coverage. TRIA has been reauthorized multiple times since it was signed into law in 2002 and has had strong bipartisan support throughout its history. The bill now heads to the Senate, which is expected to pass it and send it to the president to be signed into law swiftly.
ABC and its members fully support the extension of TRIA and urge all senators to support H.R. 4634.