Insurance Against Terrorism In Danger

Written by Kari Milchman on . Posted in Business, Posts.

A hearing was held this morning at City Hall where Sen. Charles Schumer, Mayor Michael Bloomberg and several real estate developers urged federal lawmakers to make Congress’ Terrorism Risk Insurance Act permanent, or to at least extend it. After 9/11, property owners found it exceedingly difficult to acquire terrorism insurance, so TRIA was created as a federal backstop that would share the financial loss should another attack take place. It was renewed again in 2005 but will expire on Dec. 31, 2007. Many politicians fear that an inability to obtain insurance against terrorism will discourage developers from setting up shop in the city. Well, if something is going to discourage them, that’d be it.