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AAIS
Product Advisory - April 25, 2003
Different Editions
of Certified Terrorism Exclusion Endorsements Filed In Virginia As
A Result Of Recent Legislative Activity
In response to the enactment of House Bill 2606, AAIS has
submitted, as replacements for our current VA certified terrorism
exclusion endorsements, certified terrorism exclusion endorsements
that do not cover fire loss that results from a certified act of
terrorism.
Updates have also been made to several rule and rating information
supplement pages as a result of the change in endorsement
editions.
Prior to the passage of House Bill 2606, no provisions existed
whereby certified terrorism coverage could be exempted from
standard fire policy requirements. This meant that even if an
insured chose to reject coverage for certified terrorism losses,
coverage for ensuing fire loss still had to be provided. The new
legislation, signed into law on March 24, 2003, exempts loss
caused by certified acts of terrorism from standard fire policy
requirements in cases where certified terrorism coverage has been
rejected by the insured.
Additional
information is provided in AAIS Bulletin 03-0161. Bulletin 03-0161
is not being distributed in a paper format, but is posted to the
AAIS open Web site at: http://www.aaisonline.com/terror/Bulletin/03-0161.htm.
The revised manual supplement pages and endorsement editions are
also posted as Bulletin attachments.
House Bill 2606 goes into effect on July 1, 2003. The AAIS
endorsement and manual supplement changes have been submitted on a
file-and-use basis, as provided by Section 106(a)(2)(B) of the
Terrorism Risk Insurance Act of 2002. As such, the AAIS
endorsement and manual supplement revisions attached to Bulletin
03-0161 may be used with policies having an effective date on or
after July 1, 2003.
The updated endorsement editions have been released to CCH
Information Services, the print vendor of AAIS forms and
endorsements. Call CCH at 800/382-2424 to order the notices in
paper printed format. Call CCH at 800/782-9481 to order the text
of the notices in a variety of electronic formats.
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AAIS helps more than 600 property/casualty insurers compete in
their markets by providing cost-effective technical services,
including forms and manuals, and product development, actuarial,
statistical, filing, and software support.
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Companies
that do not currently use an AAIS program referenced here can
request additional information from Rick Anderer at Richarda@aaisonline.com
or 800/564-AAIS x222.
To subscribe to AAIS Product Advisory, go to www.AAISinfo.com. To
unsubscribe or change your e-mail subscription, contact Pat Peters
at Patp@aaisonline.com or
800/564-AAIS x289.
Contact Product Advisory at info@AAISonline.com.
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