When those of us in the commercial real estate industry think back to the aftermath of Sept. 11, we are reminded of the economic impact that resulted from the absence of terrorism insurance. A million jobs lost, the delay or cancellation of $15 billion in property transactions and a six-year low in commercial construction. This followed reinsurers’ departure from the marketplace, insurers’ reluctance to offer terror coverage and lenders’ demand that borrowers secure such coverage.

With the terrorism risk insurance marketplace in disarray, Congress in 2002 passed the Terrorism Risk Insurance Act. TRIA was established to provide a temporary backstop to help insure against catastrophic losses caused by an act of foreign terrorists.

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