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 March 03, 2007
National Association of Realtors Calls for Terrorism Insurance
The Institute of Real Estate Management along with the NAR has recommended to the Senate to work towards a long term solution that would guarantee people the availability of terrorism insurance. This resolution would be effective in lieu of the expiration date of the 2002 Terrorism Risk Insurance Act.
The NAR and IREM submitted testimony to the committee which stated the continual availability of this type of insurance is important to the success of commercial real estate transactions as well as on going property management. If buyers and investors are unable to obtain terrorism insurance the success of entire transactions could be jeopardized.

The NAR stands ready to work with Congress towards the goal of having terrorism insurance that is both available and affordable. The testimony of NAR and IREM urges Congress to enact legislation quickly to ensure that this type of coverage is made readily available.

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