Bill Would Extend Terrorism Insurance Provisions
Legislation introduced on Feb. 18 by Sens. Christopher Dodd (D-Conn.) and Robert Bennett (R-Utah) — the “Terrorism Risk Insurance Act (TRIA) of 2005”, S. 467 — would extend through the end of 2007 provisions of terrorism legislation that was passed in 2002.
The legislation “would help to ensure the continued availability of affordable insurance coverage and provide stability to the nation’s commercial and multifamily real estate markets,” said NAHB President David Wilson. “It would also help to boost economic security and shore up the terrorism insurance marketplace.”
Without an extension, the insurance provisions will expire at the end of this year.
“This law is working as it was intended: to provide some measure of insurance for American jobs and American companies against the risk of terrorism,” said Sen. Dodd upon the introduction of the bill. “It needs and deserves to be extended. The extension of TRIA is of critical importance, particularly while long-term solutions to protect against future terrorist attacks are being developed.”
Other cosponsors were: Sens. Evan Bayh (D-Ind.), Jim Bunning (R-Ky.), Thomas Carper (D-Del.), Lincoln Chafee (R-R.I.), Saxby Chambliss (R-Ga.), Hillary Rodham Clinton (D-N.Y.), Jon Corzine (D-N.J.), Elizabeth Dole (R-N.C.), Chuck Hagel (R-Neb.), Frank Lautenberg (D-N.J.), Richard Lugar (R-Ind.), Ben Nelson (D-Neb.), Jack Reed (D-R.I.), Charles Schumer (D-N.Y.) and Debbie Stabenow (D-Mich.).
To view the bill, click here and type S. 467 in the box at the upper left.
For more information, e-mail Greg Brown at NAHB, or call him at 800-368-5242 x8421.