House of Representatives passed version of program today; Senate passed version in July TRIA expires in 21 days

Washington, D.C. (December 10, 2014) - The American Hotel & Lodging Association (AH&LA), the sole national association representing all segments of the 1.8 million-employee lodging industry, today urged both the U.S. House of Representatives and the U.S. Senate to carve a path forward that would allow for reauthorization of the Terrorist Risk Insurance Act (TRIA) before they adjourn and before the program expires on December 31st.

This afternoon, the House of Representatives passed a bill that would reauthorize the program for six years. In July, the Senate also passed a bipartisan bill (S. 2244). That legislation extended the program for seven years.

"We are no longer dealing with hypotheticals. TRIA expires in 21 days, leaving the hotel industry with enormous uncertainty, the very real threat of lost projects, and diminished economic and job growth. Hoteliers are on edge as insurance providers are already on the verge of cancelling their terrorism coverage.

"We are thankful that the House moved forward today and supported a bill to reauthorize this important program. Congress must make sure that TRIA continues on a multi-year basis. Politics cannot stand in the way of creating jobs in this difficult economy, and we look forward to working with Congress and the President to get this bill passed and signed into law," said Katherine Lugar, president and CEO of the American Hotel and Lodging Association.

First passed by Congress in 2002 in response to the terrorist attacks of September 11, 2001, TRIA was created to provide a federal backstop for terrorism insurance coverage. The program was renewed in 2005 and again in 2007, and the current extension is due to expire in December 2014.