AGC supports extension for terrorism insurance.The Associated General Contractors Associated General Contractors of America is the nation's oldest and largest trade association representing the construction industry. It was formed in 1918 following a request by President Woodrow Wilson. of America (AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ) expressed its strong support for legislation that will extend the Terrorism Risk Insurance Act The Terrorism Risk Insurance Act (TRIA) is a United States federal law signed into law by President George W. Bush on November 26, 2002. The Act created a federal "backstop" for insurance claims related to acts of terrorism. through 2007. The legislation was introduced by U.S. Representatives Pete Sessions Peter Anderson "Pete" Sessions (born March 22, 1955) is a politician from the state of Texas. He is a Republican, and currently represents the 32nd congressional district in the U.S. House of Representatives. Personal Sessions was born in Waco, Texas, where he grew up. (R-TX), Richard Baker (R-LA), Sue Kelly (R-NY) and Eric Cantor (R-VA). "Extending the terrorism insurance backstop will provide an essential safeguard for U.S. jobs and the construction industry," said AGC CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Stephen E. Sandherr. "In this time of economic recovery, the construction industry is creating jobs left and right. "Allowing the Act to expire would put thousands of construction jobs and projects back at risk." By extending the Terrorist Risk Insurance Act, Congress can ensure the availability and affordability of terrorism coverage to America's property owners and construction contractors. AGC members are convinced that extension of the backstop would help protect the nation's economic strength. Even before the tragic events of September 11th, the volume of construction actually put into place had begun to decline. The broad exclusion of all future acts of terrorism from all property and liability insurance policies could trigger another decline in the volume of such construction, and in the end, it could drag the entire nation back into an economic recession. Without legislation ensuring coverage for future acts of terrorism, property owners would find it difficult to qualify new projects for construction loans or permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. . AGC has faith in the private sector and believes that the private sector can, should and will assume the ultimate responsibility for the resolving the current insurance crisis, but believes that, for some time, the federal government will have an important role to play. "AGC commends the efforts of these members of Congress to extend the Terrorism Risk Insurance Act through 2007," Sandherr said. |
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