“Already, companies are having trouble getting terrorism insurance, and many companies that had terrorism insurance have now lost it because there
were clauses written into their policies that said if TRIA is not there, they do not have the insurance coverage,” said Rep. Carolyn Maloney (D-N.Y.).
The House voted to reauthorize the Terrorism Risk Insurance Act (TRIA) on Wednesday, sending the legislation to the Senate.
The measure passed overwhelmingly by a vote of 416-5, with one lawmaker voting present.
Lawmakers failed to reauthorize the program during the last Congress, and it expired on Dec. 31, leading to uncertainty in the business community.
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