WASHINGTON– New York's governor and mayor made a plea today that a provision providing an incentive for insurers to cover terrorism risk in prime target areas be included in legislation extending the federal backstop for terrorism insurance.
Gov. Eliot Spitzer and Mayor Michael Bloomberg called for the legislative language in a letter to the chairman and ranking minority members of the Senate Banking Committee, and the House Financial Services Committee.
The letter also implies that if the provision–currently contained only in the House bill–is included in the extending the Terrorism Risk Insurance Act, then the New York legislative delegation would be prepared to accept all other provisions of the much-leaner Senate bill.
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