Tell Congress to Pass TRIA Today!
BOMA International needs your help in asking Congress to extend the Terrorism Risk Insurance Act (TRIA), which is set to expire at the end of 2014. If it’s not extended, the commercial real estate industry will be left vulnerable to devastating losses and may put off making new investments, hiring more employees and exploring other opportunities for growth. The Commercial Real Estate market simply can’t afford the uncertainty an expiration of the Terrorism Risk Insurance Program would create.
In July, the Senate passed, by an overwhelming margin of 93-4, legislation reauthorizing the program for seven years. By renewing TRIA on a multi-year basis, S.2244, the “Terrorism Risk Insurance Program Reauthorization Act of 2014,” provides certainty in the market that terrorism insurance will be available at affordable rates through the year 2021. Now it is up to the House of Representatives to act on the bill the Senate has approved.
Please take action now to urge Congress to reauthorize TRIA on a multi-year basis. Without affordable and available terrorism insurance, commercial real estate financing would be thrown into flux, premium rates would increase dramatically and many commercial properties throughout the country would lose significant value. Write Congress today!