Experts Call for Public/Private Push on TRIA Renewal

WASHINGTON, DC-Industry leaders, policymakers and experts came together yesterday at the US Chamber of Commerce to voice their opinions at a forum entitled, “Insuring America’s Economy Against Terrorism.” Sponsored by the National Chamber Foundation–a nonprofit public policy think tank affiliated with the Chamber of Commerce–the forum focused on the importance of terrorism risk insurance in promoting a stable economy in this post-September 11 climate, and the need to maintain that insurance through the renewal of Terrorism Risk Insurance Act of 2002.

TRIA, which put a federal backstop measure in place that insures that the government covers payouts exceeding $100 billion of insurers’ liability in the event of another such attack, is scheduled to expire Dec. 31, 2005. “Without an effective public/private partnership that ensures the availability of comprehensive and affordable terrorism insurance for companies, commercial property developers, owners, and tenants, our economy will suffer a tremendous blow,” Chamber of Commerce president and CEO Thomas J. Donahue said in his videotaped address to the forum.