Terrorism Risk Insurance Act Extension Passes Senate

Today, the Senate passed legislation to extend the Terrorism Risk Insurance Act (TRIA) by a vote of 93 – 4. TRIA was initially created after the 9/11 attacks when terrorism insurance was either no longer available or offered, but prohibitively expensive. The program creates a government backstop, should another terrorist attack occur, that would help cover the costs of such an attack once a certain monetary threshold was met. The law is set to expire at the end of 2014 if Congress does not act. The House has a competing proposal that would raise the triggers for when claims could be paid. AGC supports an extension of TRIA and urges the House to work with the Senate on passing a bill to avoid an expiration of the law. For more information, please contact Jim Young at (202) 547-0133 or youngj@agc.org.