ATLANTA, Jan. 14, 2015 (GLOBE NEWSWIRE) -- The Asian American Hotel Owners Association (AAHOA) applauds lawmakers for renewing the Terrorism Risk Insurance Act, which provides vital protection for business owners and the economy.
The Terrorism Risk Insurance Program Reauthorization Act was signed into law this week, ensuring that large commercial businesses will continue to be financially protected in the event of a major terrorist attack. The bill, which passed the largely Republican Congress last week, promises that the government will pay for damages exceeding $200 million.
"Business owners across the nation, including AAHOA members, can breathe a sigh of relief knowing this important piece of legislation has been reauthorized," AAHOA Chairman Pratik Patel said. "As the largest hotel owner association in the world, AAHOA is deeply invested in the protection of business owners in the event of such a catastrophic attack."
The legislation was originally drafted in response to the Sept. 11, 2001 terrorist attacks and encourages insurance companies to cover damage expenses for large businesses, including hotels, following a terrorist attack.
AAHOA, along with several national business organizations, supports this legislation, as it protects hotel owners and the economy as a whole.
Founded in 1989, AAHOA is the largest hotel owners association in the world, with over 14,000 small business owner-members. AAHOA members own more than 20,000 properties amounting to more than 40 percent of all hotels in the United States and employ nearly 600,000 workers, accounting for over $9.4 billion in payroll annually.