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WASHINGTON, DC-President George Bush now has the final version of the Terrorism Risk Insurance Program Reauthorization Act of 2007 on his desk and is reviewing it, according to comments made by spokesperson Dana Perino during a news briefing with reporters. TRIA is set to expire at the end of the month and without a new bill in place reauthorizing the federal backstop it is widely expected that the terrorism insurance market will go haywire.

It is expected that Bush will sign this legislation despite his and other Congressional conservatives’ grumblings in the past about the need for the private sector to take over this role from the federal government. However the final bill that Congress has presented to Bush maps closely with his demands. It doesn’t, for instance, provide a 15-year extension as an earlier House bill did. The final version does extend coverage to domestic events and calls for a US Government Accountability Office study on the availability and affordability of insurance for nuclear, chemical, biological and radiological events.

Property owners will be relieved once the bill is passed: as one measure of the importance of terrorism insurance in the commercial real estate realm, according to National Multi Housing Council 2007 Cost of Risk Survey, 87% of apartment firms surveyed purchased terrorism coverage as part of their property program.

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