President Barack Obama signed the Terrorism Risk Insurance Act law on Jan. 12. The action renews the program created in response to the Sept. 11, 2001, attacks for six years.
Congress voted the previous week to renew the Act, which expired on Dec. 31, after former Sen. Tom Coburn, R-OK, who had blocked its passage, retired.
Supporters, including the National Association of Realtors (NAR), had said that without the act, organizations that build large commercial buildings could be at risk. The program provides a federal insurance backstop for owners of skyscrapers, sports stadiums, shopping malls and other large venues that could be targets for terrorism.
“Without TRIA, many property owners with existing commercial mortgage balances that require terrorism insurance would be in technical default of their mortgage terms,” according to a statement from NAR. “The bill provides commercial property owners with sustained and affordable access to terrorism insurance, which is required by commercial mortgage-backed securities.”
(http://www.reuters.com/article/2015/01/13/us-usa-congress-insurance-idUSKBN0KL22T20150113)
Related Stories
Codes and Standards | May 18, 2017
AIA releases updated edition of its A201 flagship documents
These core documents are updated once a decade.
Codes and Standards | May 16, 2017
Trump’s proposed corporate tax rate changes said to stifle funding for affordable housing
Banks reluctant to commit to specific deals with tax credit status uncertain.
Codes and Standards | May 15, 2017
New IoT-Ready Alliance to establish standard for IoT sensors in LED light fixtures
It aims to make installation of technology easier.
Codes and Standards | May 10, 2017
OSHA increases penalties on South Dakota contractor after fatal building collapse
Agency issues over $300,000 in fines for ‘willful’ safety violations.
Codes and Standards | May 9, 2017
Potential shade on Boston Common from proposed high-rise raises public ire
The Mayor is among those who want to change 1990s anti-shadow law.
Codes and Standards | May 9, 2017
Method of estimating amount of CO2 by building occupants may be inaccurate
New research suggests current estimates may be off by as much as 25%.
Codes and Standards | May 8, 2017
National Fenestration Rating Council’s new U-factor standard open for public comment
Member-approved ballot change to NFRC 100 comments to close on May 28.
Codes and Standards | May 4, 2017
Millennials’ views on sustainability could influence the workplace
Nine out of ten say it is important that they work for a company committed to sustainability.
Codes and Standards | May 3, 2017
New York State extends design-build authority
The legislation includes eight additional projects.
Codes and Standards | May 2, 2017
U.S. announces preliminary tariffs on Canadian softwood lumber
The rates range from 3% to 24% per producer.
