A significant piece of legislation providing emergency insurance against massive terrorist attack has been stalled in congress. The Terrorism Risk Insurance Act (TRIA) is due to expire at the end of the year.
The senate passed the bill to extend TRIA by 7 years, but it has stalled in congress due to demands by Republicans that it be tied to spending cuts.
The program was initially established after the September 11 attacks in 2001 and allows the US government to cover insurance industry losses from damage caused by terrorist attacks.
That gives the insurance industry and businesses piece of mind that their financial future is safe in the event of a terrorist attack. The business community is understandably upset by the delay in renewing the insurance and is lobbying congress to have the legislation passed before 2015.