The National Association of Realtors President, Chrys Polychron, released a statement on the failure of the U.S. Senate to approve a six-year reauthorization of the Terrorism Risk Insurance Act, which passed the U.S. House of Representatives with overwhelming bipartisan support. "The U.S. Senate's alarming failure to renew the federal terrorism risk insurance program before adjournment will stall commercial real estate development around the country, " Polychron stated.
"TRIA provides a crucial framework for economic recovery in the wake of a catastrophic terrorist attack and allows the U.S. to maintain a stable terrorism insurance market so employers can invest in properties and create jobs without assuming the risk and liabilities of a terrorist attack. Terrorism risk insurance is also a requirement of many existing commercial mortgage balances, so those whose coverage will lapse at the expiration of TRIA will be in technical default of their mortgage terms."
Read the full statement.