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
Regulations | Aug 31, 2016
FEMA wants to toughen flood regulation on projects using federal funds
The proposal ‘would essentially rewrite the current 100-year flood standard.’
Sustainability | Aug 30, 2016
New federal project plans must include climate impacts
Agencies must quantify the specific impacts when possible.
Green | Aug 29, 2016
Vancouver, B.C., to require zero emissions on new buildings by 2030
No net GHG emissions will be allowed.
Codes and Standards | Aug 25, 2016
Freddie Mac extends efforts to fund multifamily energy/water efficiency projects
The Multifamily Green Advantage targets existing buildings.
Codes | Aug 24, 2016
Weak building codes no match for recent natural disasters, say industry experts
The recent floods and wildfires in Alberta are being cited as proof.
Legislation | Aug 24, 2016
World Trade Center contractor found guilty of minority-owned business fraud
The company used two minority firms as fronts in a nearly $1 billion scheme.
Codes and Standards | Aug 22, 2016
Federal construction contractors propose reforms to federal project delivery
Industry leaders offer how procurement system could be improved.
Legislation | Aug 19, 2016
California lawmakers may take action to address contractor negligence
An assembly committee heard testimony on deadly balcony collapse that occurred last year.
Energy Efficiency | Aug 17, 2016
Investor Confidence Project aimed at raising trustworthiness on energy efficiency projects
The new initiative screens projects to see if they are investor-ready.
Standards | Aug 17, 2016
U.K.’S BREEAM green building standard enters U.S. market
The standard is touted as a cost-effective alternative to LEED.