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AAIS affiliates for most commercial lines, inland
marine, and output programs will require no immediate changes to
comply with the extension of the federal Terrorism Risk Insurance
Program (TRIP), passed by Congress and signed by President Bush before
Christmas.
The biggest change directly affecting AAIS
affiliates is the law's elimination of farm and crime coverage from the
program. AAIS affiliates for the Crime, Farmowners, Farm Properties,
Farm Umbrella, and Personal & Premises Liability (Farm) programs can use
the "post-TRIP" terrorism exclusion endorsements already filed and approved in most states
for policies that take effect on or after Jan. 1, 2006.
Existing endorsements and rating information
addressing "certified" and "non-certified" terrorism losses remain in
effect for the Agricultural Output, Artisans, Businessowners, Commercial
Inland Marine, Commercial Liability, Commercial Output, Commercial
Properties, Commercial Umbrella, Developers Output, Glass, and Inland Marine Guide
programs.
Also, existing endorsements addressing "certified"
terrorism coverage remain in effect for use with the Dwelling Properties
and Personal & Premises Liability programs for premises regularly rented
or held for rental to others.
AAIS affiliates in affected lines will receive a
general bulletin next week summarizing revisions to the federal program and any
actions necessary. Bulletins for specific lines of insurance will follow
as needed to address particular issues, such as the treatment of
auto-related coverages. (Commercial auto was also eliminated from
coverage under the program.)
AAIS will take filing action in 2006 to update
endorsements and policyholder notices for use on policies that will take effect in 2007.
Existing policyholder notices and premium disclosure endorsements
can be used with policies that expire on or before Dec. 31, 2006.
AAIS
affiliates will be notified by bulletins of changes to forms, rules, or
rating information.
Users of AAISdirect will see a new, more
attractive home page when they sign on late next week. This redesign
is the first step in a long-term initiative to enhance the content and
functionality of the service.
AAISdirect is the online library of AAIS
forms, manuals, bulletins, and other information. Among other things,
the new design will allow users to initiate searches directly from the
home page, while retaining the existing tabs familiar to current users.
The new design will display the user's navigation
chain (e.g., Homeowners > Bulletins > Massachusetts), and allow users to
initiate new searches from their results page.
For information on licensing use of AAISdirect,
contact Rick Maka, director of marketing, at
rickm@AAISonline.com or by
calling 800/564-AAIS.
Five new rating worksheets have been added to the AAIS
Inland Marine Guide in
December, one each for:
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Bailee Customers Floater - Dry Cleaners
Processing Location;
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Bailee Customers Floater - Dry Cleaners Storage
Location;
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Fine Arts Floater;
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Fine Arts Dealers; and
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Warehouse Operators Legal Liability.
Files for paper versions of these worksheets have
been distributed to all users of the Guide, a premier industry
resource for forms, rating procedures, underwriting guidelines, and
other information for the nonfiled classes of inland marine insurance.
Electronic versions of these worksheets will be developed and made
available on AAISdirect at a later date.
For information on affiliating with AAIS for use of
the Inland Marine Guide, contact Rick Maka, director of marketing, at
rickm@AAISonline.com or by
calling 800/564-AAIS..
"Executive Leadership: Decision-Making in a
Dynamic Environment" is the theme of the
2006 AAIS Annual
Conference,
April 9-11 at The Ritz-Carlton in Sarasota, Florida.
This conference is designed to provide information and
guidance to property/casualty executives faced with a growing demand to
make more decisions, more quickly, and with more uncertainty and
complexity. Our speakers include the following:
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Professor J. Edward Russo of Cornell University
will lead a half-day session on effective decision-making. Each
registrant will receive a complimentary copy of his book Winning
Decisions: Getting It Right The First Time.
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Ernst Csiszar, president of the Property Casualty
Insurers Association of America (PCI), will address a range of public
decisions facing the industry.
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Matthew Josefowicz, manager of the global
insurance group for the research and consulting firm Celent, will
speak on the future of insurance technology.
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John Lucker, principal, and Jim Marino, director,
Deloitte Consulting, will speak on the growing use of predictive
analytics (e.g., scoring) for underwriting small commercial accounts.
Also, a panel of company executives is being formed to
share insights on decisions they have made to position their companies for
success. Other speakers may be invited as the event approaches.
Social events at the conference include a golf outing
at the Legacy Golf Club in Bradenton, a spouse/guest tour of the Ringling
estate, and a closing reception and dinner at The Ritz-Carlton Members
Beach Club.
For more information, contact Joe Harrington, director
of corporate communications, at joeh@AAISonline.com
or by calling 800-564-AAIS.
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