BOMA International Applauds Passage of TRIA Extension
BOMA-supported legislation extends terrorism insurance program for an additional seven years
(WASHINGTON, DC—December 20, 2007) The Building Owners and Managers Association (BOMA) International commends Congress for passage of legislation H.R. 2761 to extend the Terrorism Risk Insurance Act (TRIA) for seven more years. BOMA International and the Coalition to Insure Against Terrorism (CIAT) have actively worked with Congress to extend the federal terrorism insurance backstop program that was set to expire on December 31, 2007. The President is expected to sign the bill into law in the coming days.
“Passage of H.R. 2761 is a huge victory for commercial real estate,” said BOMA International Chairman and Chief Elected Officer Brenna S. Walraven, RPA, CPM, executive managing director, national property management, USAA Real Estate Company. “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.”
The House initially passed H.R. 2761 in September, at which time the legislation included a 15-year extension and several additional provisions that take into account 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. BOMA applauds Congress for acting to extend this important program to ensure the continued availability of terrorism risk insurance at reasonable rates and terms.
The Building Owners and Managers Association (BOMA) International is an international federation of more than 90 local associations and affiliated organizations. BOMA’s 16,500-plus members own or manage more than 9 billion square feet of commercial properties in North America and throughout the world. The mission of BOMA International is to enhance the human, intellectual and physical assets of the commercial real estate industry through advocacy, education, research, standards and information. Founded in 1907, BOMA International celebrates 100 years of commercial real estate in 2007. Learn more at www.boma.org.
CONTACT:
Laura Horsley
Director of Communications
BOMA International
(202) 326-6315 or lhorsley@boma.org