The Coalition to Insure Against Terrorism (CIAT), which represents businesses and organizations throughout the transportation, real estate, manufacturing, construction, entertainment, education, and retail sectors, and 300 other organizations have signed a letter from the U.S. Chamber of Commerce urging members of Congress to reauthorize TRIA (the Terrorism Risk Insurance Act):
The following statement may be attributed to CIAT coordinator Martin DePoy:
“After the 9/11 attacks, reinsurers and primary insurers abandoned the terrorism risk insurance marketplace, which contributed to widespread job losses and billions of dollars in damage to industries dependent upon the availability and affordability of this coverage. The enactment of TRIA allowed businesses to, once again, purchase this critically important insurance, helping to reinvigorate the economy and protect it against the potentially catastrophic fallout of future terrorist attacks. Without TRIA, the private market simply cannot provide adequate terrorism risk coverage.
CIAT joins with the many other organizations that have signed the Chamber’s letter in urging Congress to act on a bipartisan basis to commit to a long-term reauthorization of TRIA before its expiration in 2020.”
View the entire letter here.