Colorado U.S. Senator Michael Bennet joined his colleagues in the U.S. Senate to pass the Terrorism Risk Insurance Act (TRIA), which helps commercial properties secure financing and terrorism risk insurance coverage from the private sector. The bill extends the TRIA program for seven years while taking steps to further protect taxpayers.
“We see evidence of Colorado’s economic growth in city skylines and new construction,” Bennet said. “With all of that development, we need to ensure that property owners can obtain the insurance coverage they need in the unlikely event of a terrorist attack. This bill will help limit the economic damage from an attack and maintain the resiliency of our economy.”
In the wake of the September 11th terrorist attacks on our country that inflicted steep losses on commercial property owners, many insurance companies stopped offering terrorism coverage as part of their commercial property policies. The lack of coverage had a destabilizing effect on the economy. In response, Congress created the Terrorism Risk Insurance Program to provide a narrow and targeted government backstop for this critical insurance coverage. The program has since been reauthorized by Congress twice.