Terrorism Risk Insurance Act (TRIA)
TRIA must be continuously authorized to provide continuous coverage.
Overview: First signed into law by President George W. Bush on November 26, 2002, the Terrorism Risk Insurance Act (TRIA) established a federal backstop for insurance claims related to terrorism in response to the events on September 11, 2001. This public/private partnership is a critical component of a strong commercial/multifamily market. TRIA helps to effectively manage catastrophic risks that cannot be addressed by the private insurance market, and it provides coverage at little cost to taxpayers.