Bill offers Terrorism Risk Insurance extension

A pair of lawmakers have introduced a measure extending the Terrorism Risk Insurance Program for seven years.

Sens. Thom Tillis (R-NC) and Tina Smith (D-MN), proponents of the Terrorism Risk Insurance Program Reauthorization Act of 2019, said the 2020 RNC and DNC Conventions, NASCAR, the NFL and the NHL all require Terrorism Risk Insurance for their facilities as a means of ensuring that adequate resources are available for businesses to recover and rebuild if they are the victims of a terrorist attack.

“The Terrorism Risk Insurance program was created in the wake of the 9/11 attacks when entire sectors of our economy were hesitant to invest and develop because of a lack of insurance protections,” Tillis said. “I’m proud to lead the bipartisan effort to continue this vital backstop, at no cost to taxpayers, in order to protect North Carolina’s economy and provide peace of mind to the private sector.”

The Terrorism Risk Insurance Program was established in response to the scarcity of affordable insurance coverage for terrorism risk in the wake of the attacks on September 11, 2001.

“Having access to affordable insurance for terrorism-related risks is critical for Minnesota businesses to be able to grow and create jobs,” Smith said. “I’ve heard from Minnesota business owners and builders about just how important it is for the Terrorism Risk Insurance Program to be extended.”

Officials said the bill would, among other features, reauthorize the Terrorism Risk Insurance Program for seven years, through December 31, 2027. It would also direct the Treasury Department in its biennial report on the Terrorism Risk Insurance Program to include an evaluation of the availability and affordability of terrorism risk insurance. Further, it would direct the Government Accountability Office to analyze vulnerabilities and potential costs of cyber terrorism, adequacy of coverage under the program.