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Now that Congress has adjourned temporarily without
extending the life of the federal terrorism reinsurance program, AAIS is
distributing sample notices for informing commercial policyholders of the status of
terrorism coverage if the program "sunsets" as scheduled.
The notices being distributed to commercial lines
affiliates explain the
application of "conditional"
terrorism endorsements developed by AAIS to address the possibility
that the federal Terrorism Risk Insurance Program would expire, as
scheduled, on Dec. 31, 2005, a date that could fall within the policy period for some
policies.
Earlier in the year, many observers anticipated that
Congress would extend the program through 2007. Congress recently adjourned without enacting an
extension, but could revisit the matter when it reconvenes in
mid-November.
Joseph Harrington, AAIS director of corporate
communications, will lead a Web-based seminar at 1 p.m. Wed., Nov. 10
describing the features and benefits of the AAIS Artisans and
Businessowners Programs for companies that currently do not use those
programs.
For more information, and to sign up, 
AAIS is filing several new coverage options for its
Agricultural Output Program with proposed effective dates of March 1,
2005. Most notable among the endorsements are:
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An endorsement providing limited coverage for
fungus (e.g., mold) and related perils; and
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An endorsement providing equipment breakdown
coverage.
The endorsement providing equipment breakdown coverage
was developed in conjunction with The Hartford Steam Boiler Inspection and
Insurance Company; however, the option may also be used under other
reinsurance arrangements.
AAIS has been advised by the South Carolina Department
of Insurance that new requirements for excluding a named driver from an
automobile policy do not apply to umbrella policies. Companies using the
AAIS Personal Umbrella Program in South Carolina can use the designated
driver exclusion provided in that program without having to amend it.
The requirements, due to take effect Jan. 1, 2005,
allow a named driver exclusion to be added to an automobile policy only if
the excluded driver has had his or her license turned in to the Department
of Motor Vehicles, or if the excluded driver has obtained auto liability
insurance from another source.
The act
establishing the requirements and a related regulation
are available online.
The Alaska Division of Insurance recently issued a bulletin
announcing it will begin accepting self-certified form filings for general
liability, umbrella/excess liability, inland marine, businessowners, and
other lines of insurance under a pilot program sponsored by the National
Association of Insurance Commissioners (NAIC).
In the announcement, division director Linda Hall
states that "adoption of approved rating organization forms for all
lines of business may also be submitted through the self-certification
program."
Planning is underway for the business program of the
2005 AAIS Annual Conference, April 10-12 at the L'Auberge Resort and Spa,
Del Mar, Calif., north of San Diego.
Individuals wishing to submit ideas for business
sessions that would be helpful to senior executives can contact Joe
Harrington, AAIS director of corporate communications, at joeh@AAISonline.com,
or by calling 800/564-AAIS.
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