TRIA is intended to provide stability to the economy and assure investors and developers,
as they plan long-term projects, that insurance will be available to adequately protect their properties against the financial risk of a terrorist attack. However, a short-term extension creates uncertainty as to whether TRIA will still exist as these projects move forward.
Washington, D.C. — In the wake of the midterm elections, the American Hotel & Lodging Association (AH&LA), along with more than 80 other hotel industry groups including hotel brands, management companies, real estate investment trusts (REITs), owners and state hotel associations, called on the House of Representatives to get back to work and pass the Terrorism Risk Insurance Act (TRIA) in a letter sent to House leadership.
AH&LA urged lawmakers to focus on the immediate priorities, including passage of this vital piece of legislation, which is critical to protect job and economic growth within the hotel industry and across the broader economy. More than 80 groups joined AH&LA in signing the letter, which was sent to every member of the House of Representatives in addition to House leadership.
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Filed under Claims, Hotel Industry, Insurance, Management And Ownership, Risk Management
Tagged as AH&LA, Crime, Election, Employees, Guest Safety, Health Hazards, Hospitality, Hospitality Industry, Hotel, Hotel Employees, Hotel Guest, Hotel Safety, House of Representatives, Housekeepers, Injuries, Insurance, Lawmakers, Lawsuits, Legal Issues, Legal Risks, Liability, Lodging Industry, Managing Risk, Midterm Elections, Motels, Petra Risk Solutions, Property Damage, Restaurants, Risk, Risk Management, Security, Terrorism, Terrorism Risk Insurance Act, Terrorist, terrorist attack, TRIA, United States
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.).
