GlobeST.com UPDATE: Terrorism Insurance Advocacy Group Testifies on Hill

WASHINGTON, DC-The US Senate has heard from the Coalition to Insure Against Terrorism–a membership organization of business insurance policyholders in industries ranging from real estate to entertainment–via testimony given by organization chairman Robert J. Lowe before the Committee on Banking, Housing and Urban Affairs. Lowe–chairman and CEO of Lowe Enterprises as well as chairman of the Real Estate Roundtable–is continuing CIAT’s longstanding push to convince Congress to extend the Terrorism Risk Insurance Act of 2002 two years beyond its fast approaching expiration date of December 31, 2005. Last week, GlobeSt.com covered the push for an extension. Terrorism Insurance Group Pushes Senate for Extension

TRIA was put in place following the 2001 terrorist attacks to allow for a federal backstop measure in which the government would cover payouts exceeding $100 billion of insurers’ liability in the event of other such attacks. CIAT is also calling for a presidential commission to craft a permanent solution to the demand for terrorism insurance protection.