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TRIA Uncertainty Already Affecting Availability of New York P&C Insurance	By Erika Morphy

Just about everybody in the real estate industry has been watching the ongoing debate in Congress over the renewal of the Terrorism Risk Insurance Act, currently set to expire Dec. 31. The federal backstop put in place in 2002 is widely acknowledged to have provided price stability and capacity for terrorism insurance in the United States. Without this assurance of support from the federal government, proponents of the act and insurance industry representatives say a terrorism event is impossible to predict, and thus, underwrite—and could have big effects on the financing arena as owners find property and casualty insurance difficult and costly to obtain.

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