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Now if you're buying the Sears Tower...

By Peter Olson, Esq.

Then this might be of interest to you:

FEDERAL GOVERNMENT EXTENDS TERRORISM INSURANCE ACT
WASHINGTON (realtor.org) ? President Bush last week signed a law extending the Terrorism Risk Insurance Revision Extension Act (TRIA) for seven years.

The terrorism insurance program covers both foreign and domestic acts of terrorism, and it retains a $100 million "trigger level" for damages at which point federal assistance kicks in. It also establishes a blue ribbon commission tasked with recommending a long-term private market solution.

"TRIA reauthorization will strengthen the economic security of the commercial real estate market by reducing the uncertainty of terrorism coverage availability and by covering many forms of terrorist activity," said Richard Gaylord, president of the National Association of Realtors.

The program was initiated after the 9/11 terrorist attacks.

Full post as published by Closing Real Estate in Chicago on January 05, 2008 (boomark / email).