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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | April 8, 2014 03:28 PM |
|---|---|
| From: | Representative Robert W. Godshall |
| To: | All House members |
| Subject: | Urging Congress to Reauthorize the Terrorism Risk Insurance Act |
| In the near future, I plan to introduce a resolution urging Congress to reauthorize the Terrorism Risk Insurance Act. The terrorist attacks on September 11, 2001, produced one of the most costly insurance events in United States history. Insurance companies paid claims to policyholders totaling approximately $32.5 billion. In response to the disruption this produced in the insurance market, insurers and reinsurers excluded coverage arising from acts of terrorism from virtually all commercial property and liability policies. The lack of terrorism risk insurance contributed to a paralysis in the economy, especially in construction, tourism, and real estate. In 2002, the United States Congress passed the Terrorism Risk Insurance Act (TRIA), which provided federal terrorism reinsurance to insurers. The United States Congress re-authorized the program through the Terrorism Risk Insurance Extension Act of 2005 (TRIEA), and the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA). Without reauthorization, TRIPRA is set to expire on December 31, 2014. The threat of terrorist attacks in the United States is both real and substantial and will remain as such for the foreseeable future. It is important that insurance companies are able to provide sufficient property and liability coverage for acts of terrorism. I hope you will join me in cosponsoring this resolution. If you have any questions, please contact my office at 717-783-6428. |
Introduced as HR799