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Senate Votes to Renew Terrorism Insurance Act

Senate Votes to Renew Terrorism Insurance Act

The Senate today voted to revive the Terrorism Risk Insurance Act in a 93-4 vote a week after it had expired. The legislation provides federal insurance coverage for losses exceeding $100M incurred during a terrorist attack. The House of Representatives approved the measure yesterday in a 416-5 vote. Former Senator Tom Coburn waged a successful battle last year against renewing the act, which was signed into law in 2002.

"This bill doesn’t just benefit New York,” Senator Chuck Schumer (above) of New York said in a statement. “It benefits the skyscraper in Los Angeles, the sports stadium in Nebraska, the shopping center in Tennessee."

Legislators hope to increase the share insurers are required to pay to 20% from 15%. If President Obama signs the TRIA into law it would be authorized for six years.