"We seriously hope that TRIA will get done in lame duck," said Crapo, pointing out that the increased discussion about the growing influence of Islamic extremist group ISIS in Iraq could be helpful in moving the measure forward.
Without an extension, insurance carriers will be unwilling to provide the coverage, which is often required by multifamily lenders. Consequently, multifamily owners-particularly those with properties in major metropolitan areas-will most likely face significant cost increases.
Senator Schumer expressed particular concern about an extension given the concentration of high-rise apartment communities in New York City and surrounding areas.
"People can't build large complexes unless they can get insurance," he said. "And insurance companies won't insure if they don't have confidence that, if there's another terrorist attack, they aren't liable."
- Senate Takes an Early Look at Terrorism Risk Insurance Reauthorization
- Coalition Letter to Senate Banking Committee Regarding Terrorism Risk Insurance - June 2019
- Multifamily Industry Applauds Terrorism Insurance Passage
- NMHC/NAA Applaud Passage of Terrorism Insurance by Congress
- Congress Goes Home Without Renewing Terrorism Insurance