Gottheimer Helps Pass Long-Term Bipartisan Terrorism Risk Insurance to Protect North Jersey Communities, Businesses, Economy

Nov 18, 2019

We must always remain prepared in the fight against terror

Today, Monday, November 18, 2019,  U.S. Congressman Josh Gottheimer (NJ-5) helped pass the bipartisan, long-term reauthorization of the Terrorism Risk Insurance Act (TRIA), which was set to expire next year. Gottheimer, a member of the House Financial Services Committee, was an original cosponsor of the bipartisan legislation that passed the House today on a 385 to 22 vote, reauthorizing the federal government’s terrorism insurance backstop for seven more years.

The original TRIA legislation was signed into law in the aftermath of the devastating September 11 terrorist attacks, which resulted in the largest insured losses from a non-natural disaster on record — $45 billion in current dollars.

“This bipartisan bill passing the House today is a win for North Jersey, a win for the people of the Fifth District, and a win for our safety and economy,” Congressman Josh Gottheimer (NJ-5) said today. “This reauthorization of our nation’s terrorism insurance backstop is particularly important to North Jersey, where we have a high population density, important landmarks, and major infrastructure, like bridges, tunnels, highways, and rail — all of which contribute to our state facing a higher relative risk of terrorism. Following the 9/11 terrorist attacks, terrorism risk insurance became completely unavailable or extremely unaffordable, which had negative repercussions across our region’s economy that hindered recovery efforts. Thankfully, the House just voted to help insurers offer terrorism risk insurance affordably and protect residents and businesses in North Jersey.”

Following 9/11, terrorism risk insurance coverage became either unavailable or incredibly expensive. TRIA corrected this market failure and now keeps terrorism insurance coverage affordable and available by creating a federal backstop in the event of other terrorist attacks. TRIA protects our economy from the costs of a terrorist attack and provides security for businesses of all sizes, hospitals, schools, and major landmarks.


Recent Posts

Apr 11, 2024

RELEASE: Gottheimer, Problem Solvers Caucus Members Speak on Importance of AI at TechNet Day

Above: Gottheimer speaking at TechNet Day. WASHINGTON, DC — U.S. Congressman Josh Gottheimer (NJ-5), Susie Lee (NV-3), and Brandon Williams (NY-22), three members of the bipartisan Problem Solvers Caucus, joined TechNet to highlight the importance of their work on AI and technology and their commitment to American-led innovation. Other topics discussed included artificial intelligence, workforce development, […]

Apr 10, 2024

RELEASE: Gottheimer Meets with North Jersey AAPI Community Leaders

Discuss ways to work together, make life more affordable, support small businesses, and advocate for veterans. Above: Gottheimer with leaders from North Jersey’s AAPI community. FORT LEE, NJ — U.S. Congressman Josh Gottheimer (NJ-5), joined leaders from the Asian American Pacific Islander community to discuss his work to make life more affordable, lower taxes, support small businesses, keep communities […]

Apr 10, 2024

RELEASE: Gottheimer Resolution Denounces Rise of Antisemitism and Islamophobia Across the Nation

Condemns Acts of Hatred and Violence Reaffirms No One Should Be Targeted Because of Their Race, Ethnicity, or Religion WASHINGTON, D.C. —  U.S. Congressman Josh Gottheimer announced a resolution denouncing the rise of antisemitism and Islamophobia across the country. This resolution condemns attacks on Americans, who were targeted because of their race, ethnicity, and religion.  Full text of the resolution […]