Browse Tag: house testimony

Terrorism Risk Insurance Act House Testimony From NAR Commercial Committee Vice-Chair

In 2002, Congress passed and President Bush signed into law the Terrorism Risk Insurance Act, a bit of federal insurance market subsidy aimed at maintaining access to sufficient insurance coverage for owners and borrowers/buyers of commercial property. ┬áPrivate insurers, faced with a radically expanded scale and scope of terrorism after 9/11, had been leaving the market in droves, finding it beyond their ability to quantify the risk of terrorism coverage. ┬áThe destabilized market for private coverage settled down after TRIA was passed, but the jitters — and rising coverage costs — resurfaced in 2005 and 2007 when Congress debated extending TRIA, past its original expiration date.

Continue Reading