WASHINGTON – Today, U.S. Senator Chris Murphy (D-Conn.) hailed Senate passage of the Terrorism Risk Insurance Program Reauthorization Act of 2014 in an overwhelmingly bipartisan vote of 93 to 4. The legislation will renew the Terrorism Risk Insurance Act (TRIA), which is scheduled to expire at the end of 2014. TRIA was first signed into law following the attacks on September 11, 2001 and allows private insurance companies to offer terrorism coverage throughout the United States.

“I’m thrilled that the Senate finally woke up to the urgent need to renew TRIA, and I hope that the incredible margin of today’s vote will send a strong signal to our colleagues in the House,” Murphy said. “Connecticut’s property insurers, including The Hartford and Travelers, are responsible for insuring large property developments throughout the United States. Without TRIA, these insurers would be unable to offer significant terrorism coverage – exposing taxpayers to massive costs in the wake of an attack. But this bill is about more than just insurance – without TRIA coverage, vital construction projects and economic development will grind to a halt in every state in the union. I was proud to be part of the bipartisan effort to draft and introduce this legislation, and I look forward to enacting it into law.”