NAR Applauds House Passage of Terrorism Insurance Bill

NAR Applauds House Passage of Terrorism Insurance Bill.
In this month that marks the sixth anniversary of the September 11 terrorist attacks, the National Association of Realtors(R) commends the U.S. House of Representatives for reauthorizing the federal government"s terrorism risk insurance program. Today"s vote will help maintain a strong commercial real estate market and the health of the nation"s economy. NAR has long supported the Terrorism Risk Insurance Revision Extension Act, and NAR President Pat V. Combs praised the passage of H.R. 2761 by the full House. 'We hope to see the legislation implemented quickly,' said Combs, of Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt. 'The potential unavailability of terrorism risk insurance could have a devastating impact on many commercial financing agreements and would negatively impact the commercial real estate market.' The terrorism insurance program was initiated after the September 11, 2001 terrorist attacks.