BOMA-Supported Legislation Extends Terrorism Insurance Program for 7 More Years
December 29, 2007 // Published as a news service by IHS
| |
| Construction Industry Tools |
IHS sells a full selection of ICC building codes as well as Plan Analyst software to check compliance.
To learn more, and for a free quote, please complete the form below. |
|
Congress passed legislation H.R. 2761 to extend the Terrorism Risk Insurance Act (TRIA), supported by the Building Owners and Managers Association (BOMA) International, for seven more years.
BOMA International and the Coalition to Insure Against Terrorism (CIAT) worked with Congress to extend the federal terrorism insurance backstop program that was set to expire on Dec. 31, 2007. President George Bush was expected to sign the bill into law.
"Passage of H.R. 2761 is a huge victory for commercial real estate," said Brenna S. Walraven, RPA, CPM, BOMA International chairman and chief elected officer.
"The security of knowing that buildings will continue to be insured in the event of a terrorist attack is crucial for the continued growth and stability of our industry," Walraven said.
The House initially passed H.R. 2761 in September, at which time the legislation included a 15-year extension and several additional provisions for potential nuclear, biological, chemical and radiological (NBCR) events.
The Senate approved its own bill to extend the federal terrorism insurance backstop for seven years and did not include many of the expansions to the program that were in the House bill.
Source: Building Owners and Managers Association (BOMA).