On Nov. 19, the House passed AGC-backed legislation to reauthorize the Terrorism Risk Insurance Act (TRIA) for seven years. With private insurers pulling out of the marketplace after the Sept. 11, 2001 attacks, the inability of insurance policyholders to secure terrorism risk insurance contributed to a paralysis in the economy, especially in the construction and real estate finance sectors. Since its initial enactment in 2002, TRIA has served as a vital public-private risk sharing mechanism, ensuring that private terrorism risk insurance coverage remains available at virtually no cost to the taxpayer. The Senate will next consider the legislation, where AGC will continue to press for its passage.
For more information, contact Matt Turkstra at matt.turkstra@agc.org or (202) 547-4733