Enacted in late 2002 in response to the overwhelming consequences of the September 11, 2001 terror attacks to the property insurance industry, TRIA was designed to put in place a federal backstop measure that requires the government to cover payouts beyond $100 billion of insurers' liability.
The renewal legislation boasts bipartisan support, and is being backed with vigor by such groups as the Coalition to Insure Against Terrorism, an entity that represents organizations ranging from real estate to entertainment. "We applaud [Senators Christopher Dodd and Robert Bennett and] their 10 colleagues for signing onto a measure designed to maintain the nation's economic security in the face of terrorist threats," says Martin L. DePoy, CIAT spokesperson and National Association of Real Estate Investment Trusts vice president for government relations. "TRIA's continuation holds the key to the future availability and affordability of this essential coverage."
The legislation now sits with the Senate Committee on Banking, Housing, and Urban Affairs.
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