UPDATE - January 9, 2015
BOMA and its partners in the Coalition to Insure Against Terrorism scored a huge win for the commercial real estate industry today with the reauthorization of the federal terrorism risk insurance backstop program, known as TRIA.
With TRIA extended, BOMA International will now shift its efforts to advocating for certainty in the area of tax policy, as well as practical energy policy that makes sense for the commercial real estate industry and appropriately incentivizes buildings to continue to become more energy efficient.
Unfortunately, the Senate failed to extend the federal terrorism insurance backstop program, known as TRIA, which is set to expire on December 31. Earlier this year, the Senate passed a seven-year extension with overwhelming bipartisan support. Debate on the issue dragged on in the House, and finally, in the Lame-Duck session, the House passed a different version that would have extended the program for six years; the bill then had to go back to the Senate for a final vote. Unfortunately, it was not a clean bill and contained other provisions that were objectionable to many in the Senate. TRIA has been a priority issue for BOMA and our real estate partners, and we will work to ensure that this is on the top of the congressional agenda when the 114th Session convenes on January 6.