January 2008 VOL. 2

Did you know?

The Terrorism Risk Insurance Act (TRIA) has been extended for another seven years. President Bush signed the extension just before the end of 2007, only days after the U.S. House of Representatives voted in favor of the extension. (The U.S. Senate had approved the extension earlier in the year.)

TRIA, which was set to expire on Dec. 31, 2007, offers lenders the economic certainty needed to finance real estate projects while assuring developers they can move forward with buildings that can be insured in the event of a terrorist attack, according to the Real Estate Roundtable, an industry lobbying organization.

The Terrorism Risk Insurance Act of 2002 and the Terrorism Risk Insurance Extension Act of 2005 were created to protect the U.S. economy and help it recover in the wake of a terrorist attack.