WASHINGTON–Sen. Mark Warner says Congress should consider reauthorizing the Terrorism Risk and Insurance Act for 10 years or longer because it is in the long-term economic interest of the nation.
Speaking the morning of April 18 during Independent Insurance Agents & Brokers of America Legislative Conference and Convention here, Warner says recent terrorist bombing of the Boston Marathon demonstrates the need for the extension of TRIA.
He says there are incidents in the world today which “no amount of actuarial studies” will support the underwriting of terrorism insurance for the construction industry. To ensure the nation's economic progress he says, “We have to have that kind of protection on the books.”
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