WASHINGTON, DC—President Obama has signed the renewal of the Terrorism Risk Insurance Act. The bill arrived at his desk following the Senate passage of its version last week.
It is, simply put, a relief for the commercial real estate industry and insurance sector – all businesses, in fact, that rely on property insurance. The measure " does allow all businesses of all types across the nation to secure the insurance and financing that is necessary to expand," according to Real Estate Roundtable CEO Jeff DeBoer.
The new law extends the federal backstop for terrorism insurance for the next six years. The measure also includes a gradual increase in the loss threshold that triggers federal assistance, from $100 million to $200 million in the event of a catastrophic attack.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
