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Multi-industry letter urging swift reauthorization of the Terrorism Risk Insurance Act (TRIA)

Wednesday, April 2, 2014 - 1:15pm

TO THE MEMBERS OF THE UNITED STATES CONGRESS:

The undersigned organizations, representing a wide variety of business interests, urge Congress to work swiftly to reauthorize the Terrorism Risk Insurance Act (TRIA) which is currently set to expire at the end of this year.

The tragic terrorist attacks on 9/11 fundamentally changed the landscape for insuring against the risk of terrorism in the U.S. Struck with an inability to model frequency, location, and the potentially devastating scale of modern terrorism, insurers were forced to pull out of the marketplace, and in the months following the attacks, the inability of insurance policyholders to secure terrorism risk insurance contributed to a paralysis in the economy, especially in the construction, travel and tourism, and real estate finance sectors.

Since its initial enactment in 2002, TRIA has served as a vital public-private risk sharing mechanism, ensuring that private terrorism risk insurance coverage remains commercially available at virtually no cost to the taxpayer. TRIA fosters certainty in the marketplace and allows all of these interconnected elements of the economy to continue to move forward. Without the backstop that TRIA provides, the private insurance market would simply be unable to provide adequate levels of terrorism risk insurance. Maintaining a workable federal terrorism insurance mechanism is vital for our nation’s economic security, and without adequate coverage, our ability to mitigate further economic fallout in the event of an attack would be greatly impaired.

While TRIA is not set to expire until the end of the year, the American business community needs certainty so that it can continue to focus on its primary mission of creating jobs. The undersigned organizations urge Congress to reauthorize this important program without delay.

Sincerely,

Abbey Residential, LLC
ACE Group
AIG
Alabama Restaurant & Hospitality Alliance
Alaska Hotel & Lodging Association
Albany-Colonie Regional Chamber (NY)
Alpha-Barnes Real Estate Services, LLC
ALPS Property & Casualty Insurance Company
American Agricultural Insurance Company
American Campus Communities
American Council of Engineering Companies
American Family Insurance
American Gaming Association
American Hotel and Lodging Association
American Insurance Association
American Land Title Association
American Resort Development Association
American Society of Association Executives
Aon
Argo Group US, Inc.
Arizona Lodging & Tourism Association
Arkansas Hospitality Association
Arthur J. Gallagher Risk Management Services
ASIS International
Associated Estates Realty Corporation
Associated Luxury Hotels International
Association of American Railroads
Atlantic Charter Insurance Company
AvalonBay Communities, Inc.
Berkshire Property Advisors, LLC
Boise Metro Chamber of Commerce (ID)
Boston Properties
BP America
Building Owners and Managers Association International
Burbank Chamber of Commerce (CA)
Business Council of Alabama
Business Council of New York State
Cabarrus Regional Chamber of Commerce (NC)
California Chamber of Commerce
California Hotel & Lodging Association
Capitol Representation, Inc.
Carter Haston Real Estate
CENTURY 21 Gage Froerer Prop. Mgmt.
Cerritos Regional Chamber of Commerce (CA)
Choice Hotels International, Inc.
Club Managers Association of America
Colorado Hotel & Lodging Association
Columbia Insurance Group
Connecticut Business & Industry Association
Connecticut Insurance & Financial Services Cluster
Connecticut Lodging Association
Con-way
Corrections Corp. of America (CCA)
COUNTRY Financial
Cousins Properties Incorporated
CRE Finance Council
Cushman & Wakefield, Inc.
DiamondRock Hospitality Company
Eastern Alliance Insurance Group
Edgewood Real Estate Investment Trust
Edison Electric Institute
Education Realty Trust
Electric Insurance Company
EMC Insurance Companies
Emigrant Bank
Empire State Realty Trust, Inc.
Energy Equipment and Infrastructure Alliance
Equity Residential
Erie Insurance Group
Farm Bureau Property & Casualty Insurance Company
Financial Services Roundtable
First Potomac Realty Trust
Fisher Brothers
Florida Chamber of Commerce
Florida Restaurant & Lodging Association
Food Marketing Institute
Forest City Enterprises
Gateway Chambers Alliance
GE Capital Real Estate
General Growth Properties, Inc.
Georgia Hotel & Lodging Association
Glimcher Realty Trust
Goleta Valley Chamber of Commerce (CA)
Greater Louisville Inc. – The Metro Chamber of Commerce (KY)
Greater Phoenix Chamber of Commerce (AZ)
Greater Providence Chamber of Commerce (RI)
Greater Raleigh Chamber of Commerce (NC)
Griffin Capital Corporation
GuideOne Mutual Insurance Company
GuideOne Specialty Mutual Insurance Company
Hawai‘i Lodging & Tourism Association
Hersha Hospitality Trust
HFF, LP
Highwoods Properties, Inc.
Hilton Head Island-Bluffton Chamber of Commerce, South Carolina
Hilton Worldwide
Home Properties
Host Hotels & Resorts
Hotel Association of Washington DC
Hueneme Chamber of Commerce (CA)
Illinois Chamber of Commerce
Illinois Hotel & Lodging Association
Independent Insurance Agents & Brokers of America, Inc.
Indiana Restaurant & Lodging Association
Inland Real Estate Group
Institute of Real Estate Management
International Council of Shopping Centers
International Franchise Association
International Speedway Corporation
Invesco Mortgage Capital Inc.
Investment Program Association
Investors Real Estate Trust
iStar Financial Inc.
Jewelers Mutual Insurance Company
Kilroy Realty Corporation
Kimpton Hotel and Restaurant Group
Kingsport Chamber of Commerce (TN)
Landmark Property Services, Inc.
Lansing Regional Chamber of Commerce (MI)
Las Vegas Metro Chamber of Commerce (NV)
LaSalle Hotel Properties
LBA Realty
Liberty Property Trust
Lincoln Chamber of Commerce (NE)
Lloyd's of London
Loews Hotels
Long Beach Area Chamber of Commerce (CA)
Los Angeles Area Chamber of Commerce (CA)
Louisiana Hotel & Lodging Association
LTC Properties, Inc.
Macerich
Maine Innkeepers Association
Major League Baseball
Manhattan Chamber of Commerce (NY)
Marriott International, Inc.
Maryland Chamber of Commerce
Maryland Hotel & Lodging Association
Massachusetts Lodging Association
McLean County Chamber of Commerce (IL)
MetroHartford Alliance (CT)
MGM Resorts International
Michigan Lodging and Tourism Association
Monmouth Real Estate Investment Corporation
Montana Lodging & Hospitality Association
Morris County Chamber of Commerce (NJ)
Mortgage Bankers Association
Myrtle Beach Area Chamber of Commerce (SC)
NAIOP, Commercial Real Estate Development Association
NASCAR
National Apartment Association
National Association of Home Builders
National Association of Manufacturers
National Association of Mutual Insurance Companies
National Association of Real Estate Investment Trusts
National Association of REALTORS
National Association of Waterfront Employers
National Basketball Association
National Football League
National Grocers Association
National Multifamily Housing Council
National Restaurant Association
National Retail Federation
National Rural Electric Cooperative Association
Nebraska Hotel & Motel Association
Nevada Hotel & Lodging Association
New Hampshire Lodging & Restaurant Association
New Jersey Manufacturers Insurance Company
New York Hospitality & Tourism Association
Niagara Frontier Transportation Authority
North America’s Building Trades Unions
North Carolina Restaurant & Lodging Association
North Country Chamber of Commerce (NY)
Ohio Chamber of Commerce
Ohio Hotel & Lodging Association
Oklahoma Hotel & Lodging Association
Oregon Restaurant & Lodging Association
Palm Desert Area Chamber of Commerce (CA)
Partnership for New York City
Pasadena Chamber of Commerce (CA)
Pebblebrook Hotel Trust
Penn National Insurance
Pennsylvania Chamber of Business and Industry
Pennsylvania Restaurant & Lodging Association
Physicians Realty Trust
Piedmont Office Realty Trust
Post Properties, Inc.
Potlatch Corporation
Property Casualty Insurers Association of America
PS Business Parks, Inc.
Public Storage
QBE North America
Quality Support, Inc.
Rayonier
Real Estate Board of New York
Rhode Island Hospitality Association
Rouse Properties, Inc.
Ryder System, Inc.
Ryman Hospitality Properties, Inc.
Sabra Health Care REIT
Safety National Casualty Corp.
San Diego Regional Chamber of Commerce (CA)
San Francisco Chamber of Commerce (CA)
San Jose Silicon Valley Chamber of Commerce (CA)
Santa Clara Chamber of Commerce and Convention-Visitors Bureau (CA)
SeaWorld Parks and Entertainment
Sentry Insurance a Mutual Company
South Carolina Restaurant & Lodging Association
Southwest California Legislative Council
St. Joseph County, IN Chamber of Commerce
Starwood Hotels and Resorts Worldwide
State Auto Insurance Companies
Staten Island Chamber of Commerce (NY)
Sunstone Hotel Investors
SunTrust Banks, Inc.
Swiss Re America
Taubman Centers, Inc.
Tennessee Hospitality Association
Texas Association of Business
Texas Hotel & Lodging Association
The ABA Securities Association
The American Bankers Association
The American Bankers Insurance Association
The Chamber of Reno, Sparks, and Northern Nevada
The Cincinnati Insurance Companies
The Dow Chemical Company
The Gray Insurance Group
The Hartford
The Milestone Group
The New England Council
The Real Estate Roundtable
The Self-Insurance Institute of America
The Walt Disney Company
Trimont Real Estate Advisors
Tucson Metro Chamber (AZ)
U.S. Chamber of Commerce
U.S. Travel Association
UJA-Federation of New York
UMH Properties Inc.
United Airlines
United Educators Insurance, a Reciprocal Risk Retention Group
United States Telecom Association
UPS
Urstadt Biddle Properties Inc.
Utah Hotel & Lodging Association
Utica First Insurance Company
Ventas, Inc.
Verizon
Virginia Chamber of Commerce
Virginia Hospitality & Travel Association
Vornado Realty Trust
W.P. Carey Inc.
Washington Lodging Association
Wells Fargo
West Virginia Hospitality & Travel Association
Westfield Group
Willis North America Inc.
Wisconsin Hotel & Lodging Association
Wyoming Lodging & Restaurant Association
Zurich

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