BOMA Alert: Contact Congress TODAY

Congress is voting on legislation soon that will impact your ability to operate your business, as well as the entire CRE ecosystem. 

Since being enacted in the wake of 9/11, the Terrorism Risk Insurance Act (TRIA) has kept terrorism insurance available and affordable to building owners and managers, and just as important -- allowing you access to the financing needed to run your operations. 

Since most lenders require terrorism coverage as a condition of lending, many owners and managers would lose access to critical financing in capital markets if TRIA is not reauthorized. Even the threat of TRIA not being reauthorized creates uncertainty, which is bad for business.

Under TRIA, the federal government serves as a financial backstop for losses from certified terrorist events that exceed specified thresholds, with the authority to recoup any payouts it makes. This structure brings stability and certainty to the private insurance market, ensuring continued access to financing and coverage for building owners and managers, while protecting taxpayers. Notably, TRIA has never been triggered and has operated for more than two decades at zero cost to the taxpayer.

Amid escalating global tensions involving Iran—which increases the risk of terrorist activity—timely reauthorization of TRIA by Congress is not only prudent but imperative.

While TRIA does not expire until December 31, 2027, waiting to act invites the same disruption seen in 2014 for owners and managers—when growing uncertainty led to coverage gaps and technical defaults for many property owners. Congress must reauthorize TRIA this year to prevent instability from taking hold as early as January 2027.

Both the House of Representatives and the Senate are advancing bipartisan legislation to reauthorize TRIA. The House is expected to vote on its bill before mid-May, and the Senate is expected to introduce its legislation in mid-April. 

Congress needs to hear directly from the full commercial real estate community—owners, managers, and the professionals who help operate and service properties—whose financing and operations are at risk. Early action now will help avoid disruption later.

Please take two minutes today to contact your representatives in Congress and urge them to support legislation that reauthorizes TRIA in both the House and the Senate and protects your property and financial interests.

THIS LINK will take you to BOMA International’s “Take Action” page to tell Congress to protect CRE and pass TRIA.  Your voice can help deliver the certainty your business needs and deserves. Thank you for stepping up at this pivotal moment.