Government Extends Key Clause in Terror Insurance Program

The Treasury Department has extended a key provision of the Terrorism Risk Insurance Act (TRIA) that forces private insurers to offer coverage to holders of property and casualty policies. The "make available" clause was set to run out at the end of this year unless the Treasury Department extended it by Sept. 1.

Commercial real estate trade groups applauded the extension. Now, the Coalition to Insure Against Terrorism (CIAT), an umbrella of real estate groups that supports TRIA, is pushing to have the program extended through 2007. It is currently set to expire at midnight on Dec. 31, 2005.