Terrorism Insurance Lobby Day Attendees March on Capitol Hill
NAA/NMHC and our partners in the Coalition to Insure Against Terrorism (CIAT) marched on Capitol Hill last week, making the case for a long term reauthorization of the Terrorism Risk Insurance Act (TRIA). In a divide and conquer strategy, 72 attendees met with at least 40 congressional offices covering both sides of the aisle and both sides of the Hill. With a looming expiration of Dec. 31, our message was simple: 1) enact a multi-year reauthorization and; 2) do it now. With the clock ticking, reauthorizing the program during the lame-duck session should be a top legislative priority for lawmakers.
These lobbying efforts are being complemented with a grassroots campaign encouraging members to write letters to their Members of Congress, as well as a four-week digital and print ad campaign in key news outlets to hammer home the message. (As of last Thursday, NAA members had sent multiple letters to 50 key members of Congress.)
TRIA has been the mechanism that provides ready access to affordable insurance for NAA/NMHC members – evidenced by the 91 percent of member companies surveyed that purchase this coverage.
Congress has failed to come to consensus on how to address the issue. The Senate passed a seven-year modest reform bill in July, while the House Financial Services Committee passed a five-year bill that would scale back the program more significantly, but that lacks the support to move the bill to the House floor.
While most lawmakers acknowledge support for a long term program and the desire to “get it done,” the path forward remains unclear. NAA/NMHC continue to discourage any talk about a short-term extension that could range anywhere from six months to one year. This is not acceptable for practical reasons and will only cast doubt on the future of the program and result in market disruption. Congress must act now.
Provided by NMHC as part of the NAA/NMHC Joint Legislative Program