The Property Casualty Insurers Association of America (PCI) today urged the New York City Council to adopt a proposed resolution that calls on Congress to pass legislation reauthorizing the Terrorism Risk Insurance Act (TRIA). The City Council's Committee on State and Federal Legislation held a hearing today on resolution 1806-2013 and the full Council is expected to act on it in coming weeks.
"Speaker Quinn, Chairwoman Foster and Councilman Recchia are absolutely right to send a message to Congress that it's time to extend TRIA," said Kristina Baldwin, vice president of PCI. "TRIA is about economic development and jobs, providing an important backstop so important projects can continue to move forward with appropriate and adequate insurance coverage. We urge Congress to listen to the City Council and move quickly to reauthorize TRIA."
PCI has been a strong supporter of the Terrorism Risk Insurance Act (TRIA) since it was first signed into law in 2002 by then-President George W. Bush. Councilmembers Helen Foster and Domenic Recchia, along with Speaker Christine Quinn, led the charge on ensuring that terrorism insurance remains available and affordable to businesses across the country and here in New York City.
"The terrorist attack in Boston has shown that New York City and other major cities in the United States remain potential targets for terrorism. The extension of TRIA is essential for the continued protection against terrorism as well as essential to the continued economic growth of New York City and the nation," said Councilmember Foster. "New York City continues to be the target of terrorist plots as are countless other major cities across the country. It is imperative that Congress and President Obama extend this important legislation immediately. We must continue to be prepared for the future!"
PCI has been working with other members of the insurance industry, as well as business community leaders, to ensure Congress extends TRIA before it lapses in 2014. Members of the organization have gone before Congress to testify on the merits of the legislation and urge action before it is too late.
"The Terrorism Risk Insurance Act has done more than just make terrorism insurance available to businesses," said Baldwin. "It has helped to further economic development in cities that have been directly impacted by terrorism, safeguarded job growth by helping businesses recover and has shown the world that the United States economy is strong enough to withstand any attack."