CERTIFICATE NO.                                                          SHARES
     1                                                                   2,240

                BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST
                Organized Under the Laws of The State of Delaware
         Municipal Auction Rate Cumulative Preferred Shares - Series R7
                            $.001 Par Value Per Share
                    $25,000 Liquidation Preference Per Share

                                                          Cusip No. 09249U  20 4


         This certifies that Cede & Co. is the owner of 2,240 fully paid and
non-assessable shares of Municipal Auction Rate Cumulative Preferred Shares -
Series R7, $.001 par value per share, $25,000 liquidation preference per share,
of BlackRock New York Insured Municipal Income Trust (the "Trust")
transferable only on the books of the Trust by the holder thereof in person
or by duly authorized Attorney upon surrender of this Certificate properly
endorsed. This Certificate is not valid unless countersigned by the transfer
agent and registrar.

         A statement in full, of all the designations, preferences,
qualifications, limitations, restrictions and special or relative rights of the
shares of each class authorized to be issued, will be furnished by the Trust to
any shareholders upon request and without charge.

         IN WITNESS WHEREOF, the Trust has caused this Certificate to be signed
by its duly authorized officers this 11th day of December 2002.

BANK OF NEW YORK                                      BLACKROCK NEW YORK INSURED
As Transfer Agent and Registrar                       MUNICIPAL INCOME TRUST


By:__________________________                         By:______________________
   Authorized Signature                                  Vice President

                                                      Attest:__________________
                                                             Secretary



FOR VALUE RECEIVED, __________________________________ hereby sells, assigns and

transfers unto _________________________________________________________________

Shares represented by this Certificate, and do hereby irrevocably constitute and

appoint _______________________________________ Attorney to transfer the said

Shares on the books of the within named Trust with full power of substitution

in the premises.

Dated _________________________, ____________

In presence of

_______________________________________  _______________________________________


         Shares of Municipal Auction Rate Cumulative Preferred Shares evidenced
         by this Certificate may be sold, transferred, or otherwise disposed of
         only pursuant to the provisions of the Trust's Amended and Restated
         Agreement and Declaration of Trust and the Trust's Statement of
         Preferences.

         The Trust will furnish to any shareholder, upon request and without
         charge, the Trust's Amended and Restated Agreement and Declaration of
         Trust and a full statement of the designations, preferences,
         limitations and relative rights of the shares of each class or series
         of capital stock of the Trust authorized to be issued, so far as they
         have been determined, and the authority of the Board of Trustees to
         determine the relative rights and preferences of subsequent classes or
         series. Any such request should be addressed to the Secretary of the
         Trust.

Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trust or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.