PRESIDENT SIGNS TRIA REAUTHORIZATION

Earlier this week President Obama signed into law the “Terrorism Risk Insurance Program Reauthorization Act of 2015,” (H.R. 26).  Just last week the bill passed Congress by large margins in both houses – making this the first bill passed by the new Congress. 

The bill extends the terrorism insurance program that expired on December 31, 2014 by six years. It increases the insurer co-pay from 15 percent to 20 percent, gradually increases the program’s trigger from $100 million to $200 million, and increases the recoupment amount by $10 billion, to $37.5 billion. These changes represent several years of negotiations between the House, Senate and business community.

All of our national organization have been very active in making this happen, but we want to especially thank ICSC, RILA, BOMA, and NAIOP for going above and beyond to provide the leadership and advocacy needed to make this happen!  They have worked together for several years with Congress to draft and support a compromise bill that ensures the continued availability and affordability of coverage for terrorism risk in the commercial marketplace.

BOMA International was a key part of the coalition that helped make this happen.  They have worked together for several years with Congress to draft and support a compromise bill that ensures the continued availability and affordability of coverage for terrorism risk in the commercial marketplace.

Click here for a story from The Hill about TRIA reauthorization and what it means to Commercial Real Estate. 

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