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Introduced by Reps.
"NAMIC applauds Reps. Grimm, Maloney and their co-sponsors for their leadership on this important issue," said
NAMIC has and continues to push for a swift extension of the TRIA program. Although its expiration date is nearly two years away, Grande cautioned that the negative effects of failing to extend the program will be felt far sooner.
"Reauthorization this year is critical because of the extended lead time needed for insurance policies in commercial finance," he said. "If
The legislation would extend the program for five years beyond the current expiration date, until
"Unlike hurricanes or fire, terrorism risk is almost entirely unpredictable, and will adapt to counter efforts to mitigate against it," Grande said. "Additionally, much of the information an insurer would need to measure a particular risk - such as the number of times a property has been targeted or the potential means of attack - are rightfully kept classified by federal law enforcement."
Grande said NAMIC is encouraged by the bill sponsors' understanding of the unique complexities of terrorism, and of the challenges to our nation's ability to recover from an attack in the absence of private sector involvement made possible by the TRIA program.
"TRIA remains critical to ensuring the continued recovery of the commercial real estate market, and the overall economy," Grande said. "NAMIC urges
TNS-LE 130206-4192495 StaffFurigay
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