WASHINGTON, D.C. – December 12, 2014 – (RealEstateRama) — NAIOP President and CEO Thomas Bisacquino spoke with Fox Business News on behalf of the industry in a call for Congress to extend the Terrorism Risk Insurance Act (TRIA), passed overwhelmingly in the House with a vote of 417-7 and is now in the Senate for their immediate consideration. This legislation is key to preventing disruption in the CRE markets.
Enacted in the wake of 9/11, TRIA has provided stability to the economy since 2002. Following the attacks, reinsurers and primary insurers – after paying out more than $40 billion in claims – withdrew from the terrorism risk insurance marketplace. The absence of coverage contributed to massive job losses and billions of dollars in damage to industries dependent upon the availability of terrorism risk coverage. TRIA allowed businesses to once again purchase insurance while protecting the economy against highly unpredictable, catastrophic terrorist attacks.
The consequences of inaction by Congress on TRIA reauthorization are too great. If Congress fails to act, US businesses will be left vulnerable to devastating losses and may put off making new investments, hiring more employees and exploring other opportunities for growth. Simply put, our economy cannot afford for Congress to wait any longer.
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About NAIOP: NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP comprises 15,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit www.naiop.org.