The American Hotel & Lodging Association (AH&LA), the sole national association representing all segments of the U.S. lodging industry, thanks Congresswoman Maxine Waters (D-CA) for convening todayâ€™s bipartisan panel discussion on the need for reauthorization of the Terrorism Risk Insurance Act (TRIA) and urges Congress to take immediate action to do so.
Todayâ€™s discussion includes AH&LA member Ed Walter, president & CEO, Host Hotels & Resorts, Inc.
First passed by Congress in 2002 in response to the terrorist attacks of September 11, 2001, the Terrorism Risk Insurance Program (TRIA) was created to provide a federal backstop for terrorism insurance coverage. The program was renewed in 2005 and again in 2007 (as TRIPRA), and the current extension is due to expire in December 2014.
â€œFor more than a decade, TRIA has provided an important backstop for economic continuity and recovery in the event of a future terrorist attack in this country,â€ said Katherine Lugar, AH&LA president/CEO. â€œWith the current extension deadline looming on the horizon, it is important for policymakers to understand that the terrorism risk market cannot provide ongoing coverage without the valuable private/public partnership of this program.â€
In the 113th Congress, two bills have been introduced that would extend the terrorism risk program beyond its 2014 deadline. The TRIA Reauthorization Act (H.R. 508), introduced by Congressman Michael Grimm (R-NY) on February 5, 2013, would extend the program for an additional five years, until December 31, 2019. On May 23, 2013, Congressman Michael Capuano (D-MA) introduced The Terrorism Risk Insurance Reauthorization Act (H.R. 2146), which would provide a 10-year extension for the program, until December 31, 2024. Both bills are currently pending review in the House Financial Services Committee.
Lugar continued, â€œToday's dialogue will provide the valuable input necessary to craft an extension bill that allows this much-needed program to continue. With that objective in mind, we thank Congresswoman Waters for hosting this timely discussion and urge the House of Representatives to immediately act to extend TRIA.â€