skip to main contentskip to popular page linksskip to main navigation links
Office Hours Program Social Security Calculator Translate this page into another language
photo of Mike Capuano Michael E. Capuano representing the 7th district of Massachusetts in the U.S. House of Representatives Go to the House of Representatives homepage
Visit Mike's video channel on YouTube Like Mike on Facebook

 

 Mike's Schedule Voting Record District Maps Register To Vote FAQ Site Map e-Updates


8,285 subscribers
Print Version-10-Year Extension of Terrorism Risk Insurance Act Introduced in the House

PRESS RELEASE

10-Year Extension of Terrorism Risk Insurance Act Introduced in the House

May 23, 2013

Washington, D.C. — Rep. Mike Capuano (D-MA) and Rep. Peter King (R-NY) today introduced the “Terrorism Risk Insurance Program Reauthorization Act of 2013” (TRIPRA). The legislation extends the Terrorism Risk Insurance Act (TRIA) for ten years. In the aftermath of the 9/11 terrorist attacks, many insurance companies excluded terrorism events from their insurance policies, after sustaining more than $40 billion in losses. As a result, Congress passed TRIA in 2002. The law created a federal backstop to make terrorism insurance available and to protect against terrorism related losses in the event of another attack. The measure has twice been extended and is set to expire in 2014.

TRIA currently provides the following:

  • Requires companies to offer terrorism coverage to commercial policyholders;
  • Requires the private insurance industry to cover losses up to $100 million, only after that point the federal government would provide assistance;
  • Establishes a mechanism for the government to recover funds that are paid out.

“Unfortunately, most of us have always realized that another terrorist attack could happen, destroying lives and disrupting daily activities. After the tragic bombings at the Boston Marathon, we are again witness to the devastation and the sorrow that such horrific acts cause,” stated Congressman Capuano, who has introduced TRIA extensions twice since the program’s 2002 creation.

“The threat of a terrorist attack is all too real. Supporting a long-term TRIA reauthorization provides needed market stability and ensures economic development in a dangerous world,” stated Rep. King.

Since its enactment, TRIA has ensured the availability of affordable terrorism risk insurance in the marketplace and thereby fostered continued urban development and real estate development in the United States. To date, TRIA has cost taxpayers nothing outside of minor administrative costs. This legislation will extend TRIA for 10 years with current co-payments and deductibles for conventional terrorism acts. The following House Members have signed on as original co-sponsors: Representatives Carolyn McCarthy (D-NY), Gwen Moore (D-WI), Gregory Meeks (D-NY), Maxine Waters (D-CA), Jim McGovern (D-MA), Kyrsten Sinema (D-AZ), Joyce Beatty (D-OH), Denny Heck (D-WA), Joe Kennedy (D-MA), Ed Markey (D-MA), Mel Watt (D-NC), Ruben Hinojosa (D-TX), Charlie Rangel (D-NY), Jerry Nadler (D-NY), Bill Keating (D-MA), William Lacy Clay (D-MO), Andre Carson (D-IN), Stephen Lynch (D-MA) and Grace Meng (D-NY). The legislation is attached.

Contact:
Alison Mills (Rep. Capuano) 617-621-6208
Kevin Fogarty (Rep. King) 202-225-7896



8,285 subscribers

 

 

 

Home | About | Biography | Contact | Issues | Links | News | Schedules | Services

E-Updates | Site Map | Privacy Policy | Accessibility

110 First Street
Cambridge, MA 02141
P: (617) 621-6208
F: (617) 621-8628
Hours

Roxbury Community College
Campus Library
Room 211
Boston
Hours

Stetson Hall
Room 124
6 South Main Street
Randolph
Hours

  Constituent Services Click to close menu
  Casework and Constituent Assistance
  Citizenship/Naturalization Information
  Immigration Casework
  Ordering Flags Flown Over The Capitol
  Presidential Greetings
  Tours
  U.S. Service Academy Nominations
  Internship Programs
  Washington, D.C. Attractions
  Grants and Federal Domestic Assistance
  FAQs
  News and Multimedia Center Click to close menu
  e-Updates
  Recent Votes
  Press Items
  Video and Audio
  Photo Gallery
  Legislative Issues Click to close menu
  Mike on the Issues
  Recent Votes
  Mike's Voting Record
  Scorecards for Mike's Votes in Congress
  Legislation Sponsored by Mike
  Earmark Requests
  Committees and Caucuses
  Ethics Task Force
  Congressional Schedules Click to close menu
  Mike's Schedule
  House Floor Summary
  Weekly House Schedule
  Annual House Calendar
  Weekly Senate Schedule
  About The 7th District Click to close menu
  Maps
  Cities
  Demographics
  The 7th District Over the Years
  Nobel Prize Winners
  Interesting facts about Massachusetts
  Massachusetts Links
  Links Click to close menu
  Massachusetts Links
    State Government
    About the 7th District
    Arts, Culture and Attractions
    Chambers of Commerce
    Colleges and Universities
    Exploring Massachusetts
    Hospitals and Health Organizations
    Newspapers
    Sports

  Federal Government Links
    USA.gov - Official Government Portal
    Legislative Branch
    Executive Branch
    Judicial Branch
    Federal Agencies
    Kids' Pages
    Register to Vote
    Washington, D.C. Attractions
    Business Opportunities with the Government

  Links For Students
 
  Contact Mike Click to close menu
  District Office
  Washington, D.C. Office
  Office Hours Program
  Community Meetings
  E-mail Mike's Office