The Terrorism Risk Insurance Act (“TRIA”), 15 USC '6701et. seq., designed to make terrorism insurance readily available to property owners, is scheduled to sunset on Dec. 31, 2005.
A Primer on Terrorism Insurance
The Terrorism Risk Insurance Act ("TRIA"), 15 USC §6701 <i>et. seq.</i>, designed to make terrorism insurance readily available to property owners, is scheduled to sunset on Dec. 31, 2005. If the Act is not extended and the cost of terrorism insurance becomes prohibitive, lenders and borrowers may once again find themselves embroiled in controversy over the question of whether governing loan documents require such insurance.
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