The commercial real estate market and the health of the nation's economy as a whole will benefit from the reauthorization of the federal government's terrorism risk insurance program, which President George W. Bush signed into law on 12/26. The National Association of Realtors®(NAR) has long advocated for passage of the Terrorism Risk Insurance Revision Extension Act (TRIA) [H.R. 2761] to maintain a strong commercial market.
The terrorism insurance program, initiated after the September 11, 2001, terrorist attacks, has helped stabilize the commercial real estate industry. The new law will extend the program for seven years, covers both foreign and domestic acts of terrorism, retains the "trigger level" at $100 million of damages at which point federal assistance kicks in, and establishes a blue ribbon commission tasked with recommending a long-term private market solution. (Source: NAR)
For additional information about the TRIA and H.R. 2761 (and other federal legislation) check out the following links:
GovTracks.us
LOC-Thomas
VoteSmart
OpenCongress
CBO Cost Estimate (PDF)
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Lawrence Yerkes
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