CIAT Urges Lawmakers to Extend Terror Insurance Backstop for Two Years.

Business Editors/Real Estate Writers

WASHINGTON--(BUSINESS WIRE)--May 18, 2004

In testimony before the Senate Committee on Banking, Housing and Urban Affairs, Host Marriott Corporation President & CEO Christopher J. Nassetta today urged lawmakers to extend the Terrorism Risk Insurance Act (TRIA) for two additional years "to help us be prepared for whatever might come."

Appearing on behalf of the 66-member Coalition to Insure Against Terrorism (CIAT) during a hearing regarding oversight of TRIA, Nassetta said, "We believe that Congress should enact that extension now, this year, to ensure that everyone who needs coverage can buy it. Only this will avoid gaps in availability during the 2004-2005 insurance renewal season."

The federal backstop is to expire on December 31, 2005.

According to Nassetta, "This is no time to retreat from what we resolved to do after 9/11. As a country we must maintain the efforts which will secure our economy. TRIA is an important part of that national resolve. For these reasons, CIAT urges you to act quickly to extend TRIA for two additional years."

Nassetta also underscored the importance of a prompt decision by the Treasury Secretary with respect to extension of TRIA's "make available" provision and expressed concern about the continued exclusion of insurers of biological, chemical and radiological risks from the terrorism insurance being offered.

CIAT represents a wide range of businesses and organizations throughout the transportation, real estate, manufacturing, construction, entertainment and retail sectors. The coalition was formed in 2002 to seek the passage of legislation that provides the nation's insurers the mechanism to provide policyholders comprehensive terrorism coverage.

To view Nassetta's testimony, visit www.insureagainstterrorism.org.