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WASHINGTON, DC-The Mortgage Bankers Association has gotten a head start on pushing for the renewal of the Terrorism Risk Insurance Act of 2002. The legislation–which put in place a federal reinsurance backstop program to ensure the availability of commercial property insurance coverage for terror attack-related damages–is scheduled to expire at the end of 2005.

Taking its cue from a survey of its members, the MBA decided to start its campaign for renewal sooner, rather than later. The study concluded that a total of $8.2 billion in commercial property deals had been either canceled or delayed in 2002 due to unaffordable or insufficient terrorism insurance. President Bush signed the act into law almost exactly one year ago.

“Congress recognized that there was a need for affordable and adequate terrorism insurance when it passed the Terrorism Risk Insurance Act,” says MBA senior vice president for commercial/multifamily Gail Davis Cardwell. “The act has had an important role in recharging the commercial/multifamily sectors of the real estate finance industry.”

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