NMHC/NAA and our
partners in the Coalition to Insure Against Terrorism (CIAT) marched on Capitol Hill this week, making the case for a long term
reauthorization of the Terrorism Risk Insurance Act (TRIA). In a divide and conquer strategy, 72 attendees
met with at least 40 congressional offices covering both sides of the aisle and
both sides of the Hill. With a looming expiration of December 31, 2014, our
message was simple: 1) enact a multi-year reauthorization and; 2) do it now. With
the clock ticking, reauthorizing the program during the lame-duck session should
be a top legislative priority for lawmakers.
These lobbying efforts are being complemented with a grassroots campaign encouraging members to write letters to their Members of Congress, as well as a four-week digital and print ad campaign in key news outlets to hammer home the message.
TRIA has been the mechanism that provides ready access to affordable insurance for NMHC/NAA members - evidenced by the 91 percent of member companies surveyed that purchase this coverage.
Congress has failed to come
to consensus on how to address the issue.
The Senate passed a seven-year modest reform bill in July, while the
House Financial Services Committee passed a five-year bill that would scale
back the program more significantly, but that lacks the support to move the
bill to the House floor.
While most lawmakers acknowledge support for a long term program and the desire to “get it done,” the path forward remains unclear. NMHC/NAA continue to discourage any talk about a short-term extension that could range anywhere from six months to one year. This is not acceptable for practical reasons and will only cast doubt on the future of the program and result in market disruption. Congress must act now.
- 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