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 | Apr 23, 2020
Group will create ecosystem for smart building data
Seven Finnish companies aim to integrate all technical systems into a single platform.
Codes and Standards | Apr 23, 2020
COVID-19 epidemic demonstrates value of flexible hospital space
Some rooms being repurposed for ICU care.
Codes and Standards | Apr 15, 2020
Embodied carbon footprint can be reduced by using conventional materials
High-SCM concrete, and cellulose and wood fiber insulation among the greener alternatives.
Coronavirus | Apr 13, 2020
COVID-19 alert: City conducts a 'virtual building inspection' to allow Starbucks and bank to open
Bothell, Wash., issues a certificate of occupancy to developer after inspecting the property online.
Codes and Standards | Apr 13, 2020
Design competition focuses on reducing urban heat island effect
Cool Abu Dhabi aims to transform urban life in the Middle East.
Codes and Standards | Apr 13, 2020
What building science says about reducing COVID-19 transmission
Impact of temperature and relative humidity is unclear.
Codes and Standards | Apr 9, 2020
Owners retrofitting properties, monitoring performance during epidemic
Covid-19 outbreak may lead employers to reevaluate office commitments.
Codes and Standards | Apr 7, 2020
Dept. of Labor publishes guidance on paid sick leave, expanded family and medical leave
Includes fact sheets for employees, employers, and a questions and answers document.
Codes and Standards | Apr 1, 2020
Standards and codes meetings halted, postponed
ASTM International cancels in-person standards meetings; DOE’s National Energy Codes Conference postponed.
Codes and Standards | Mar 26, 2020
Ransomware attack on Canadian contractor underscores need for cybersecurity
Victimized company Bird Construction has defense, law enforcement contracts.
