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 7, 2019
Office noise significantly reducing employee concentration, productivity, and creativity
Workplace distractions cause some to choose to work remotely.
Codes and Standards | May 7, 2019
WSP USA says it will be carbon neutral in 2019
Engineering firm will offset carbon at all offices and with employee business travel.
Codes and Standards | Apr 25, 2019
Report: Contractors invest $1.6 billion in workforce development annually
ABC members increased training spending 45% from 2013, according to a new report.
Codes and Standards | Apr 25, 2019
New York City’s Green New Deal would ban all-glass skyscrapers
The ambitious plan would also boost affordable housing, reduce building emissions, and update codes to account for sea level rise.
Codes and Standards | Apr 25, 2019
Chicago, Houston, and Dallas deemed ‘most dangerous cities for migratory birds’
The three cities are in the heart of North America’s most trafficked aerial corridors.
Codes and Standards | Apr 19, 2019
Notre Dame fire highlights danger of renovating historic structures
The devastating fire at Notre-Dame de Paris is the latest blaze to damage or destroy historic buildings while undergoing renovations. It highlights how vulnerable such structures are to fire while undergoing repairs.
Codes and Standards | Apr 19, 2019
Developers and owners can now join AIA 2030 Commitment
Organization offers tools and resources for working toward net-zero design.
Codes and Standards | Apr 19, 2019
New method of manufacturing cement removes CO2 from the air
Breakthrough could have significant impact on reducing greenhouse gas emissions.
Codes and Standards | Apr 12, 2019
Deadline nears on New York City sprinkler requirement for tall office buildings
The mandate applies to all buildings regardless of when constructed.
Codes and Standards | Apr 8, 2019
LEED v4.1 now available for cities, communities, residential/homes
The rating system emphasizes performance monitoring, fully integrated design, social equity, and human health.
