AH&LA Applauds Passage of Terrorism Risk Insurance Extension
WASHINGTON, DC, September 20, 2007. The American Hotel & Lodging Association (AH&LA) commended the U.S. House of Representatives following its passage of H.R. 2761, the Terrorism Risk Insurance Revision and Extension Act of 2007. This measure, introduced by Rep. Michael Capuano (D-Mass.), was approved on a vote of 312-110.
'We applaud the House for showing leadership on this important issue,' according to Marlene Colucci, AH&LA executive vice president for public policy. 'It is imperative that the Senate move quickly to secure passage of one of our priority issues for this year. Adding Nuclear, Chemical, Biological and Radiological lines of coverage as well as eliminating the Foreign and Domestic Acts differentiation are vital to developing a comprehensive federal program while allowing the insurance industry to continue to support the business community.'
The Terrorism Risk Insurance Act of 2002 (TRIA) was originally passed in response to the terrorist attacks of September 11, 2001, as a way of aiding insurers in the event of a future catastrophic terrorist attack. The federal aid provided through this legislation allowed insurers to continue to offer reasonably priced terrorism coverage while limiting their risks, while at the same time protecting insured entities from significant cost increases or severe restrictions on availability. H.R. 2761 extends TRIA for a period of 15 years, five years longer then the 10 years proposed in the original bill, eliminates distinctions between foreign and domestic acts of terrorism, and requires availability in the event of nuclear, biological, chemical and radiological acts of terrorism.
'Without a terrorism backstop, development in the lodging industry stalls when developers will not be able to secure bank loans,' said Kevin Maher, AH&LA senior vice president of governmental affairs. 'A federal program allows our members to obtain insurance coverage at reasonable priced levels. Many of these policies are being written now and we urge Congress to reauthorize this important legislation quickly before the program expires in December.'
Serving the hospitality industry for nearly a century, AH&LA is the sole national association representing all sectors and stakeholders in the lodging industry, including individual hotel property members, hotel companies, student and faculty members, and industry suppliers. Headquartered in Washington, D.C., AH&LA provides members with national advocacy on Capitol Hill, public relations and image management, education, research and information, and other value-added services to provide bottom line savings and ensure a positive business climate for the lodging industry. Partner state associations provide local representation and additional cost-saving benefits to members.
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