WASHINGTON, DC–With the Second Session of the 119th Congress now underway, the Building Owners and Managers Association (BOMA) International is urging federal lawmakers to move quickly on legislation that would provide long-term certainty for terrorism insurance coverage critical to the commercial real estate industry.
In a statement released this week, BOMA International called on Congress to advance H.R. 7128, the TRIA Program Authorization Act of 2026, which would reauthorize the Terrorism Risk Insurance Act (TRIA). The program serves as a federal backstop that ensures commercial property owners and managers can obtain insurance coverage for losses stemming from terrorist attacks.
BOMA’s push comes amid heightened concern over both security risks and the potential economic fallout if TRIA authorization were allowed to lapse. Nearly 25 years after the September 11 attacks, credible terrorist threats continue to emerge. In recent months, the FBI announced it had thwarted three planned attacks targeting public venues and critical facilities in Michigan, Southern California, and North Carolina—developments that BOMA says reinforce the continued need for a robust terrorism insurance framework.
Beyond security concerns, BOMA emphasized the broader economic stakes tied to TRIA. Terrorism insurance coverage made possible by the program is often required by lenders, making it a foundational component of financing for commercial real estate assets. Without reauthorization, property owners could face difficulties securing loans for routine operations, redevelopment projects, or long-term investment strategies.
“TRIA is one of the most effective public–private partnerships in federal policy,” said Mary Lue Peck, president and chief operating officer of BOMA International. “It protects not only buildings and businesses, but the communities and jobs that rely on them. Letting this critical program approach expiration would create avoidable instability in markets that support millions of Americans.”
Under current law, TRIA is scheduled to expire on December 31, 2027. While that deadline may seem distant, BOMA warned that uncertainty could surface much sooner. Insurance policies written in 2027 could include provisions notifying policyholders that terrorism coverage would terminate at the end of the year, potentially disrupting financing and investment decisions well in advance of the formal expiration date.
BOMA pointed to past experience as a cautionary example. During a brief two-week lapse in the program in 2014–2015, borrowers encountered technical loan defaults, financing delays, and investment interruptions, while billions of dollars in commercial mortgage-backed securities were placed at risk. The market disruption that followed the 9/11 attacks further illustrated the scale of economic consequences tied to the absence of terrorism risk coverage.
According to BOMA, allowing TRIA to edge toward expiration again could introduce similar instability across a wide range of property types, including office buildings, hospitals, shopping centers, entertainment and sports venues, and multifamily housing.
To avoid those outcomes, BOMA International is urging Congress to make passage of H.R. 7128 a legislative priority in 2026, arguing that a long-term reauthorization would provide stability for commercial real estate markets, financial institutions, and taxpayers alike.
