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TO:Federal & State Elected Officials

Dear Elected Official:

I am writing to you to express my concern regarding the need for continued insurance coverage for terrorist attacks on commercial buildings. As you are aware, the terrorist attacks on the World Trade Center and the Pentagon on September 11, 2001 resulted in a large number of deaths and injuries, the destruction and damage to buildings, and interruption of business operations for a lengthy period of time. These attacks possibly created the largest losses of insurers and reinsures in a single day. The problem is that while insurance and reinsurance providers have committed to paying these claims, this situation has created uncertainty with regard to continued availability of commercial property and casualty insurance for terrorism risk at appropriate coverage levels. In the past we have seen the insurance industry abandon other high risk areas such as flood and earthquake areas.

The unavailability of affordable commercial property and casualty insurance for terrorist attacks threatens the growth and stability of the United States economy, including the ability of financial service providers to finance commercial property acquisitions and new construction. Over time private markets will diversify and develop risk spreading mechanisms to increase capacity and guard against possible future losses incurred by terrorist attacks. I am asking you as my elected official to create an industry risk sharing program to ensure the continued availability of commercial property and casualty insurance and reinsurance for terrorism-related risks. This action is needed to control market disruption, encourage economic stabilization and facilitate a transition to a viable market for private terrorism risk insurance. Economic growth and development is critical to the success of the United States, and helping commercial real estate further facilitates economic recovery.

This issue is important to me and many of your constituents as we would like to see the economy stabilize as soon as possible. Please acknowledge this message and let me know your position on this matter.

My personal message to you is:

Sincerely,

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