Group wants terror insurance reauthorized

WASHINGTON, Aug. 3 (UPI) -- The National Association of Realtors is calling on the U.S. Congress to reauthorize the Terrorism Risk Insurance Program.

The NAR is joining the National Association of Manufacturers in a push for the TRIP and says it will help maintain a strong commercial real estate market and help keep the U.S. economy vibrant.

The TRIP covers against nuclear, biological, chemical or radiological attacks. Set to expire at the end of this year, the NAR has been a longtime advocate for terrorism insurance. NAR commended the recent House Financial Services Committee Terrorism Risk Insurance Revision Extension Act H.R. 2761.

"If the legislation is not implemented quickly, the potential unavailability of terrorism risk insurance would have a great impact on many commercial financing agreements and would negatively impact the commercial real estate market," NAR President Pat V. Combs said in a statement.

Initiated after the Sept. 11, 2001, terrorist attacks, passage of H.R. 2761 would extend the program for 15 years.

The U.S. Treasury Department makes a mandated report on the terrorism insurance market every two years that includes an analysis of terrorism insurance pricing and how it impacts commercial real estate.

"We stand ready to continue our push for reauthorization of TRIA and look forward to working with Congress for its quick completion," said Combs.