LEGISLATIVE RESOLUTION urging the New York State Congressional deleg-
ation to take action as soon as possible to extend the Terrorism Risk
Insurance Act of 2002

WHEREAS, The United States continues to be engaged on an ongoing war
against terrorism and the threats of future attacks inside the country
remains; and
WHEREAS, Future attacks could include the use of unconventional
(nuclear, biological, chemical or radiological) weapons that could
result in a large number of casualties or could involve attacks such as
cyber-terrorism that could impact businesses and critical infrastructure
across the nation; and
WHEREAS, The Terrorism Risk Insurance Program, created through the
enactment of the Terrorism Risk Insurance Act (TRIA) of 2002 and
extended in 2005 and 2007, has allowed for a viable and stable terrorism
risk insurance market; and
WHEREAS, Absent extension by Congress, the Terrorism Risk Insurance
Act of 2002 will expire on December 31, 2014; and
WHEREAS, Failure by Congress to extend TRIA would likely result in the
inability of insurers to offer widespread coverage for future catastro-
phes resulting from terrorism or would likely create capacity concerns
where terrorism coverage must be provided; and
WHEREAS, Without adequate terrorism insurance coverage, banks may be
unwilling to extend loans for commercial transactions, such as mort-
gages, construction projects and other capital-intensive initiatives;
and
WHEREAS, The lack of private terrorism insurance to cover losses from
future terrorist attacks may require the federal government to cover
such losses; and
WHEREAS, Without the shared public-private responsibility program
established by the Terrorism Risk Insurance Act of 2002, a limited
availability of insurance against terrorism would have a severe adverse
effect on our country's economy as financiers might be reluctant to
lend, businesses might be reluctant to invest, and commercial consumers
might be unable to afford insurance; and
WHEREAS, The Terrorism Risk Insurance Program is an essential compo-
nent of effective national economic recovery following a catastrophic
terrorist attack in the United States; now, therefore, be it
RESOLVED, That the New York State Congressional delegation be and
hereby is respectfully memorialized by this Legislative Body to take
action as soon as possible to extend the Terrorism Risk Insurance Act of
2002; and be it further
RESOLVED, That copies of this Resolution, suitably engrossed, be tran-
smitted to each member of the Congressional delegation from the State of
New York.