by Brianna Crandall — August 6, 2014—In response to the overwhelming vote of support in the U.S. Senate to reauthorize the Terrorism Risk Insurance Act, NAIOP President and CEO Thomas Bisacquino recently issued the following statement commending the Senate for its passage:
“We commend and congratulate the Senate for the overwhelming bipartisan support to extend TRIA based on the principles that have made it one of the most productive and essential policy tools to have emerged from the tragedy of 9-11. We hope the House of Representatives will also work to renew TRIA in the near future so that the commercial real estate development industry can continue to provide jobs and economic growth for America.”
“While everyone wants a world without terrorism, the threat of future attacks remains, especially for commercial buildings where large numbers of people gather. Moreover, insurance against terrorist attacks is essential for continued growth and development in this important part of America’s economy. This isn’t complicated: if developers can’t get insurance, projects can’t get financed. We need to reauthorize and extend TRIA, and will continue to work to advance TRIA legislation in the House.”
S.2244 – Terrorism Risk Insurance Program Reauthorization Act of 2014 passed the Senate July 17, and has moved to the House for approval.
NAIOP, the Commercial Real Estate Development Association, is a leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate, comprising 15,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy.
