The Coalition to Insure Against Terrorism represents a wide range of businesses and organizations throughout the transportation, real estate, manufacturing, construction, entertainment and retail sectors united in their support for the Terrorism Risk Insurance Act (TRIA).
TRIA was enacted following the attacks of September 11, 2001 as a federal plan for economic continuity and recovery after a severe terrorist attack on the United States. The program ensures that there is a market in place for businesses to secure the insurance they need to protect against losses from a terrorist attack. It also provides a mechanism for the orderly payout of claims in the event of a terrorist attack, thereby minimizing the impact on businesses and the economy overall. Finally, TRIA protects the taxpayers because the program mandates that "first dollar losses" be paid by the insurers and business policyholders. In absence of TRIA, taxpayers could be potentially exposed to significant payouts.
The Coalition to Insure Against Terrorism banded together to speak for business insurance policyholders and win passage of TRIA in 2002, a 2-year extension in 2005, a 7-year extension in 2007, a 5-year extension in 2015 and a 7-year extension in 2019.
TRIA ensures US businesses can obtain the terrorism risk insurance coverage necessary to protect against the devastating consequences of a catastrophic terrorist attack.
In the wake of 9/11, more than 300,000 US jobs were lost due to the lack of terrorism risk insurance in the marketplace. TRIA ensures the long-term stability of commercial property financing, construction and other job-creating industries.
TRIA has cost US taxpayers virtually nothing. Insurers and policy holders are required to bear first dollar losses and meet deductibles before the federal government steps in.
Congress has reauthorized TRIA four times with overwhelming, bipartisan support, most recently in December 2019.