Coalition Urges Passage of Bill in Senate
WASHINGTON, DC, Nov. 18, 2019— The Coalition to Insure Against Terrorism (CIAT), which represents the insurance policyholder community throughout the transportation, real estate, manufacturing, construction, entertainment, education, retail, and other sectors, strongly supports the Terrorism Risk Insurance Program Reauthorization Act of 2019, H.R. 4634. The policyholder coalition commends the House for its bipartisan passage of the legislation and urges its adoption when it comes before the Senate.
CIAT Steering Committee Coordinator Martin DePoy said the Terrorism Risk Insurance Act (TRIA) was critical in bringing back primary insurers and reinsurers who had abandoned the terrorism risk insurance marketplace, mitigating the widespread job losses and significant damages incurred by the businesses dependent on the coverage.
DePoy said, “The enactment of TRIA allowed businesses to purchase this critically important insurance once again, helping to reinvigorate the economy in the fallout of the 9/11 terrorist attacks. The continued growth and stability of our economy depends on the availability and affordability of this coverage, and without TRIA, the private market cannot provide sufficient terrorism risk coverage.
We praise the House’s passing of this critical legislation and look forward to seeing the same bipartisan support of TRIA from the Senate before its expiration in 2020.”