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FOR IMMEDIATE RELEASE: December 18, 2007

Schumer Urges President Bush To Sign Bill Extending Terrorism Risk Insurance Program

House Gave Final Approval Today to Legislation Critical To Protecting New York and Stimulating Economic Development

TRIA Program Set To Expire At End Of This Calendar Year

WASHINGTON, DC—U.S. Senator Charles E. Schumer (D-NY) today urged President Bush to quickly sign legislation reauthorizing the Terrorism Risk Insurance Act (TRIA) program, a critical priority for post-9/11 New York. The program, created in 2002, provides a federal backstop for insurance coverage against losses from terrorist attacks. This insurance is crucial to spurring new development and protecting existing real estate in high-risk urban areas like Manhattan.

The House passed the Senate version of the legislation today. It is now headed to the President’s desk.

“This legislation is not perfect, but it is a large improvement over what’s been approved in previous years,” Schumer said. “The terrorism risk insurance program has been a vital part of New York’s rebuilding process since September 11, and now the program can remain in effect for another seven years. This extension will give those planning major projects far more incentive to build because they can count on this insurance.”

The bill extends the program, which was set to expire at the end of this year, until 2014. This represents the longest-ever extension authorized for the TRIA program.

The program was made necessary after the September 11 attacks when private insurers became reluctant to insure real estate owners for fear of massive losses from terrorist attack. TRIA has reversed that negative trend by making the federal government the insurer of last resort for catastrophic losses.

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