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Dem Govs Urge Renewal of Terrorism Risk Insurance Act
The Democratic Governors Association today released a new report highlighting the importance of renewing the Terrorism Risk Insurance Act (TRIA). TRIA protects the U.S. economy from losses incurred as a result of a domestic or foreign terrorism act. This Act has been successful in allowing insurers to offer terrorism coverage to commercial insurance customers, which are important to economic growth and job creation.
TRIA is set to expire December 31, 2014 unless Congress acts. If TRIA is allowed to expire, the consequences could be disastrous for states and private investors wanting to finance and insure infrastructure projects, large-scale public events and businesses that are required by state law to maintain workers compensation insurance.
Connecticut Governor Dan Malloy and Illinois Governor Pat Quinn also called on their fellow governors – of both parties – to recognize the urgency of Congress renewing this law.
“TRIA protects America’s economic resiliency and offers stakeholders a level of certainty they can count on before and when disaster strikes,” said Governor Malloy, Chair of the Insurance Caucus. “This Act allows policyholders to obtain financial compensation in a timely manner after a terrorist event occurs and is essential to creating jobs and promoting economic growth.”
“The TRIA helps private insurers protect Illinois’ real estate and popular community events,” Governor Quinn said. “Without TRIA, businesses would be less likely to develop job-creating infrastructure projects. I urge my Democratic colleagues to reach out to their Congressional delegations to reauthorize TRIA this week.”