Terrorism Risk Insurance Act of 2002: A Reinsurer's Perspective
- Topics:
- Risk Analysis and Management
- Tags:
- Business Operations,
- Corporate Insurance,
- Government,
- Homeland Security,
- Insurance,
- Insurance Company,
- Terrorism,
- Terrorism Risk Insurance Act
- Source:
- ercgroup.com
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Overview: With a stroke of the presidential pen, theTerrorism Risk Insurance Act of 2002became law the morning of November 26,2002. Now that the U.S.government has done its part to meet theneeds of the country as a whole, the insurance industry is faced with meeting the needs of its customers. It provides no coverage or reimbursement for personal lines (auto,homeowners, etc.). Under the Act, the insured deductible is calculated based on prior year earned premiums and on an insurer group basis—if there are several companies within an insurer group. The Act established that all insurers—as defined under the Act—must provide all property and casualty policy holders mandatory terrorism coverage. Supplements cannot be separated—insurers cannot have separate terms and conditions for terrorism. There are several issues insurers will have to contend with, some of which include: Compliance with notification, how are insurers going to underwrite the exposure? Re insurance coverage—make sure there is reinsurance protection on all terrorism risks (all potential products exposed) not meant to be kept net.
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Format: PDF & WORD | Size: 666KB | Date: Jan 2003 | Pages: 52
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