SUPPORTING TERRORISM INSURANCE

WHEREAS, before September 11 insurance companies provided coverage for terrorism related losses to businesses as part of their general property and casualty policies; and

WHEREAS, after the terrorist attacks which resulted in approximately $50 billion in insurance losses, some insurance companies and reinsurers stopped providing terrorism coverage; and

WHEREAS, when insurance companies and reinsurers provide terrorism insurance the coverage is often very limited and provided at astronomical premiums; and

WHEREAS, the lack of terrorism insurance is resulting in a significant threat to sustain economic growth in cities; and

WHEREAS, the lack of terrorism insurance is stopping some business deals such as real estate and construction projects where terrorism insurance may be necessary to obtain financing; and

WHEREAS, in the event of another terrorist attack insurance payments would not be available to rebuild,

NOW, THEREFORE, BE IT RESOLVED that The U.S. Conference of Mayors urges Congress and the Administration to pass legislation to provide federal help in insuring against a catastrophic terrorist attack in the future.