As a Commercial Real Estate Practitioner you understand how the market can be adversely affected by uncertainty. That is why NAR is asking for your help to extend the Terrorism Risk Insurance Program created following the September 11, 2001 terrorist attacks. When private insurers withdrew from the terrorism insurance market, construction projects ground to a halt and commercial property values dropped. The Commercial Real Estate market simply can’t afford the uncertainty an expiration of the Terrorism Risk Insurance Program would create.
Fortunately there is bipartisan legislation, unanimously approved by the Senate Banking Committee, that takes a balanced approach to renewing the program created by the Terrorism Risk Insurance Act of 2002 (TRIA) pending the United States Senate. S.2244 the “Terrorism Risk Insurance Program Reauthorization Act of 2014,” renews TRIA for seven years, providing certainty in the market that terrorism insurance will be available at affordable rates through the year 2021. In addition, it has a Congressional Budget Office score of “zero.”
Urge your Senator to vote yes on S. 2244, the “Terrorism Risk Insurance Program Reauthorization Act of 2014,” when the Senate votes on it later this week. Without affordable and available terrorism insurance, commercial real estate financing would be thrown into flux, premium rates would increase dramatically and many commercial properties throughout the country would lose significant value. Take action now to protect Commercial Real Estate using our secure online form.
Passed Senate (Thursday)
This bill passed in the Senate on July 17, 2014 and goes to the House next for consideration.
For More Information: NAR Issue Summary – Commercial Finance/Terrorism Insurance