(To read more on the debt and equity markets, click here.)

WASHINGTON, DC-The likelihood of an extension of the Terrorism Risk Insurance Extension Act of 2005, scheduled to expire on Dec. 31, has just increased with the US Senate’s passage of the Terrorism Risk Insurance Extension Act of 2005 this morning. The bill, S 467, calls for the extension of TRIA for two years beyond its expiration date at the end of the year, as well as changes to the original legislation. For previous coverage, click here.

The US Congress originally passed TRIA in response to the Sept. 11 terrorist assault. The legislation instituted a federal backstop guaranteeing that the government would cover payouts exceeding $100 billion of insurers’ annual liability in the event of future terrorist. The legislation, which ensures the availability of terrorism insurance, is supposed to help protect the economy by allowing investors and developers to continue insured projects.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.