Seeking Renewal of Terrorism Risk Insurance Program

DC Capitol

A&K Painting Company is an involved member of Building Owners and Managers Association International (BOMA) and Institute of Real Estate Management (IREM). These two industry groups have issued Call-to-Action alerts  for their members to contact U.S. House of Representatives members to renew the Terror Risk Insurance Program (TRIA). The TRIA was first signed into law by President George W. Bush on November 26, 2002.  The Act created a federal “backstop” for insurance claims related to acts of terrorism. The Act provides for a transparent system of shared public and private compensation for insured losses resulting from acts of terrorism.

We urge your support by contacting your U.S. House of Representatives Member’s office. Provide a message to take action and pass the House version now during this session, with the mid-term elections now completed, and before the expiration of the current program.

BOMA and IREM are part of the 75 member Coalition to Insure Against Terrorism (CIAT). The CIAT represents a wide range of businesses and organizations throughout the transportation, real estate, manufacturing, construction, entertainment and retail sectors. Coalition member groups include other construction associations such as ABC and AGC, and includes the U.S. Chamber of Commerce and entertainment business groups NASCAR, NFL, NBA, and NHL.

These groups banded together to speak for business insurance policyholders and win passage of the Terrorism Risk Insurance Act in 2002. This federal reinsurance backstop is the sole support of the U.S. market for terrorism risk insurance.  The group backed a 2-year extension of the act in 2005, and a 7-year extension in 2007. Today, CIAT is seeking a long-term solution to make comprehensive terrorism risk insurance coverage available and affordable after the expiration of the Terrorism Risk Insurance Program Reauthorization Act at year-end 2014.

References:  BOMA, IREM, CIAT, Wikipedia