The Terrorism Risk Insurance Act of 2002
- Topics:
- Terrorism Insurance
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Overview: The Act renders void all terrorism exclusions currently in force on commercial property and casualty policies of participating insurers. To be eligible for Federal reimbursement of certified terrorism losses, insurers must provide notice to the insurers of the premium for coverage being provided under the program, and the extent to which losses paid under the program are reimbursed by the Federal government. Perhaps of prime concern to the average commercial insured is how will the newly mandated terrorism coverage be priced. Endorsements to bring standard liability policies into compliance with the new Federal program are similar in scope and content to the property endorsements. The paper discusses the four basic categories of liability endorsements for the coverage options created by the Act.
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Format: HTML | Date: Dec 2002 | Pages: 1
