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Senate passes TRIA reauthorization

Jan 09, 2015
The U.S. Senate has approved an extension of the Terrorism Risk Insurance Act (TRIA) for six more years. It now goes to President Barack Obama, who is expected to sign the bill and make it law.

TRIA, which expired at the end of 2014, is important to commercial real estate because it creates a federal backstop for terrorism insurance and mandates that insurers make terrorism coverage available with their property and casualty lines. 

"TRIA provides a crucial framework for economic recovery in the wake of a catastrophic terrorist attack and allows the U.S. to maintain a stable terrorism insurance market so employers can invest in properties, create jobs, and insure against losses due to a terrorist attack," National Association of REALTORS® President Chris Polychron said in a statement. "Without TRIA, many property owners with existing commercial mortgage balances that require terrorism insurance would be in technical default of their mortgage terms.”

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