Chuck Schumer: “I express my unwavering support for S. 467, the Terrorism Risk Insurance Revision Act of 2005, introduced by my friend…”

“I express my unwavering support for S. 467, the Terrorism Risk Insurance Revision Act of 2005, introduced by my friend, Senator Dodd of Connecticut. I would like to commend Senators Dodd, Bennett, Shelby, and Sarbanes for getting a bill done that we can all stand here and be proud to support. A bill that is good for this country and good for the State of New York. At long last builders and insurers of major projects in large cities, particularly New York, can breathe a sigh of relief; terrorism insurance will be renewed. It never should have taken this long, but at least we know this protection will be available for another 2 years. We still live in America, and particularly in my city of New York, in the shadow of 9/11, of the terrorism that occurred. Obviously, the thousands of families who have had a loved one taken from their midst live with it every moment of their remaining lives, but the rest of us live with it too, not only in empathy for them but also in terms of the economic consequences of terrorism. The bottom line is very simple, and that is, because of terrorism, the insurance industry, in terms of insuring risk of large structures in America--whether it be large buildings that make us so proud of the Manhattan skyline, or large arenas such as the football stadiums that dot America, or larger facilities such as Disneyland, Disney World, and amusement parks--all have difficulty getting insurance.…”