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
Adaptive Reuse | Oct 26, 2020
Mall property redevelopments could result in dramatic property value drops
Retail conversions to fulfillment centers, apartments, schools, or medical offices could cut values 60% to 90%.
Codes and Standards | Oct 26, 2020
New seismic provisions for the National Earthquake Hazards Reduction Program released
The provisions present a set of recommended improvements to the ASCE/SEI 7-16 Standard.
Codes and Standards | Oct 22, 2020
More than 130 building projects have engaged LEED’s Safety First Credits in response to COVID-19
Best practices helping companies develop and measure healthy, sustainable, and resilient reopening efforts.
Codes and Standards | Oct 21, 2020
New technologies and techniques can ‘future-proof’ buildings
Net-zero principles may give buildings longer lives.
Codes and Standards | Oct 20, 2020
Updated AIA Contractor’s Qualification Statement and Warranty Bond documents available
Statement now includes safety protocols and plans, sustainability, and BIM experience.
Codes and Standards | Oct 19, 2020
NEXT Coalition chooses five pilot projects to fight COVID-19 on jobsites
Mobile platforms, wearable sensors, AI video systems among the trial solutions.
Codes and Standards | Oct 15, 2020
Neighborhoods Now offers cost-effective, DIY designs in response to COVID-19 pandemic
Designs include barriers for outdoor dining, sidewalk retail displays, and modular seating for public spaces.
Codes and Standards | Oct 14, 2020
Standard contract document for prefab and modular building released
ConsensusDocs addresses the most common prefabricated construction use-case scenario.
Codes and Standards | Oct 13, 2020
Austin is first major Texas city to adopt wildfire code
New ordinance based on the International Wildland-Urban Interface Code.
Codes and Standards | Oct 12, 2020
Guidance offered for K-12 schools to support students with asthma
Green purchasing policies for cleaning, filters, furniture and other products encouraged.
