City beats the drum for TRIA.Government officials, leading New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of developers and the House Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises met in City Hall on Monday in the first New York hearing to discuss extending 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. (TRIA TRIA Terrorism Risk Insurance Act of 2002 TRIA Term Requirement in Average ) if not for 15 years, then permanently. Following the 9/11 attacks, many insurance companies excluded terrorism insurance Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities. It is considered to be a difficult product for insurance companies, as the odds of terrorist attacks are very from their policies. As a resuit, Congress passed TRIA, which created an insurance backstop from the federal government to protect against terrorism related loses. Although the Act expired in 2005, it was extended for two more years to December 2007. With the deadline on the horizon, Congresswoman Carolyn B. Maloney Carolyn Bosher Maloney (born February 19, 1948) is a New York Democrat serving in the United States House of Representatives for New York's At-large congressional district (map) since 1993. , requested a hearing be held in New York as a reminder to those in Congress of the pressing need for the renewal of federal support for terrorism risk insurance coverage. "We need at least a 15-year extension to get financing in place to get Ground Zero developed. TRIA was not made to protect insurers, but to make sure that our national economy can respond in the event of another terrorist attack," said Maloney, who serves on the House Financial Services Committee. After 9/11, TRIA added explosive and the use of airplanes to the federal policy, but calls for the addition of other types of attacks--such as domestic terrorism, chemical, biological and nuclear attacks--were made during the hearing. "We should not just be prepared for yesterday's attack," said Mayor Michael R. Bloomberg, stating that 9/11 occurred because of antiterrorism an·ti·ter·ror·ist adj. Intended to prevent or counteract terrorism; counterterror: antiterrorist measures. an intelligence' lack of imagination. If TRIA is not made permanent or extended, fear is that developments such as the World Trade Center will not get finished, and that every year there would be a slow-down when it comes time to renew. "If TRIA is not extended, extended, banks will cease to provide loans, the development of Ground Zero will end and New York real estate will come to a halt," said Congressman Anthony D. Weiner Anthony David Weiner (born September 4, 1964) is a Democratic politician from the U.S. state of New York. He represents New York's 9th congressional district (map) in the United States House of Representatives. , representative of Brooklyn and Queens. Senator Charles E. Schumer shared the sentiment stating that, without TRIA, he had no doubt that construction would come to a grinding halt. "This issue was a quiet issue, but it was a issue critically important to New York, not just New York, but the whole country," he said. "We want to move ahead quickly so people can go ahead and plan, insure, build and employ," said Schumer. |
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