REALTORS Applaud Six-Year Reauthorization of Federal Terrorism Risk Insurance Program
WASHINGTON (January 8, 2015) – The following is a statement by National Association of REALTORS® President Chris Polychron:
“REALTORS® applaud the U.S. House of Representatives and U.S. Senate for prioritizing the reauthorization of the federal terrorism risk insurance program and quickly passing the Terrorism Risk Insurance Act, which authorizes the program for six years. When TRIA lapsed at the end of 2014, REALTORS® urged swift congressional action to renew the program and return certainty to the commercial real estate market.
“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. Without TRIA, many property owners with existing commercial mortgage balances that require terrorism insurance would be in technical default of their mortgage terms.
“The bill sent to President Barack Obama’s desk today provides commercial property owners with sustained and affordable access to terrorism insurance, which is required by commercial mortgage-backed securities. NAR urges Obama to sign the TRIA re-authorization without delay.”