Terrorism Risk Insurance Act (TRIA)
TRIA must be reauthorized 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. MBA urges lawmakers to reauthorize TRIA to provide continuous coverage.