|
NEBRASKA
Status report on compliance with the
Terrorism Risk Insurance Act of 2002
and related state regulatory policies Regarding
"certified" commercial losses
For an act of terrorism to be certified by the U.S. Secretary of the Treasury (and thus
trigger coverage under the federal Terrorism Reinsurance Program), it must cause more than
$5 million in losses and be inspired, directed, and/or carried out on behalf of a foreign
person or interest.
| IN FORCE BUSINESS - Use the endorsements and rating information
shown below only when the insured accepts the offer of coverage for certified terrorism
loss. |
| Posting date: 1/6/03 |
AAIS commercial lines
programs filed on behalf of companies |
AAIS endorsement used
when coverage is provided under the federal Terrorism Insurance Program |
Rating factor to
accompany coverage endorsement |
AAIS endorsement used
when insured declines terrorism coverage
(New and Renewal Policies Only) |
Fire following rating
factor for SFP states |
| Agricultural Output |
CL 0600 12 02 |
.0100 |
CL 0620 12 02 |
.0035 |
| Artisans |
AP 0700 12 02 |
.0075 |
AP 0720 12 02 |
N/A |
| Businessowners |
BP 0750 12 02 |
.0100 |
BP 0770 12 02 |
.0025 |
| Commercial Inland Marine (filed classes) |
CL 0600 12 02 |
.0100 |
CL 0610 12 02 |
N/A |
| Commercial Liability |
GL 0250 12 02 |
.0075 |
GL 0260 12 02 |
N/A |
| Commercial Output |
CL 0600 12 02 |
.0100 |
CL 0620 12 02 |
.0035 |
| Commercial Output XL |
CL 0600 12 02 |
.0100 |
CL 0620 12 02 |
.0035 |
| Commercial Properties |
CL 0600 12 02 |
.0100 |
CL 0620 12 02 |
.0035 |
| Contractors & Developers Output |
CL 0600 12 02 |
.0100 |
CL 0620 12 02 |
.0035 |
| Crime |
CL 0600 12 02 |
.0100 |
CL 0610 12 02 |
N/A |
| Farm Properties |
FL 0600 12 02 |
.0100 |
FL 0620 12 02 |
.0035 |
| Farmowners |
FO 0600 12 02 |
.0100 |
FO 0620 12 02 |
.0025 |
| Glass |
CL 0600 12 02 |
.0100 |
CL 0610 12 02 |
N/A |
| Personal & Premises Liability (Farm Only) |
GL 0310 12 02 |
.0075 |
GL 0320 12 02 |
N/A |
| AAIS Effective Date: 1/7/03 |
| AAIS Filing Number(s): AAIS-2002-82 |
| Company action: Endorsements
Companies that have granted AAIS filing authority for forms and endorsements
can adopt the endorsements without notifying the insurance department.
Rating Information
Companies that have granted AAIS filing authority for rating information can
adopt this rating information without notifying the insurance department if they intend to
use it without change.
However, companies that choose to depart from the AAIS filed rating information, must
notify the insurance department in writing as soon as possible.
Expedited Filing Transmittal
Not applicable in this state. |
| Comments: Disclosure Notices
Affiliated companies can use the AAIS policyholder notices with modifications
for individual policies, or develop independent notices that contain the information
required by the Terrorism Risk Insurance Act. Companies that develop their own notices
should NOT file them with the Department. |
Separate Line Item Disclosure Endorsement (CL 0605 02 03)
AAIS Filing No.: AAIS-2003-3
Effective Date: 2/11/03
Company Action: Affiliated companies can adopt the endorsement, as filed,
without taking any filing action.
|
AAIS commercial lines
advisory filings |
AAIS endorsement used
when coverage is provided under the federal Terrorism Insurance Program |
Rating factor
to accompany coverage endorsement |
AAIS endorsement used
when insured declines terrorism coverage |
Fire following rating
factor for SFP states |
| Commercial Umbrella |
UM 0755 12 02 |
Refer to company |
UM 0765 12 02 |
N/A |
| Farm Umbrella |
UM 0330 12 02 |
.0050 |
UM 0340 12 02 |
N/A |
| Inland Marine Guide |
CL 0600 12 02 |
.0100* |
CL 0610 12 02 |
N/A |
| * Rating Information filed for the
following Guide classes only: |
Bailee Customers Floater - Dry Cleaners,
Builders' Risk, Electronic Data Processing, Fine Art Dealers, Fine Arts Floater, and
Miscellaneous Floaters |
| Rating Information for the remaining Guide classes is not
required to be filed. Use the same factor as that filed for the above classes. |
| AAIS Advisory Effective Date: 1/7/03 |
| AAIS Filing Number(s): AAIS-2002-84CUP (Commercial
Umbrella), AAIS-2002-84FUP (Farm Umbrella), and AAIS-2002-82IMG (Inland Marine Guide) |
| Company action: Endorsements
Each company that wishes to adopt these endorsements must do so by establishing an
effective date and notifying the Insurance Department in writing. Include the applicable
AAIS Filing Number shown above in any correspondence sent to the Insurance Department.
Commercial Umbrella Rating Information Only
Companies must submit related rating information independently.
Farm Umbrella and Inland Marine Guide Rating Information Only
Companies that wish to adopt the AAIS Farm Umbrella or Inland Marine Guide
rating information may do so by making a reference filing and establishing an effective
date. Include the applicable AAIS Filing Number shown above in any correspondence sent to
the Insurance Department.
Expedited Filing Transmittal
Not applicable in this state. |
| Comments: |
| Disclosure Notices |
| Affiliated companies can use the AAIS policyholder notices
with modifications for individual policies, or develop independent notices that contain
the information required by the Terrorism Risk Insurance Act. Companies that develop their
own notices should NOT file them with the Department. |
| Farm Umbrella Manual Rules Supplement Pages 1 and 2
The first two pages of a manual supplement addressing the use of the Farm
Umbrella certified terrorism endorsements were filed in Nebraska in conjunction with the
endorsements that exclude loss caused by certified acts of terrorism. Rules that address
the use of the Farm Umbrella non-certified terrorism endorsements will be submitted on a
prior approval basis, in a separate filing as Supplement Pages 3 and 4. The Supplement, in
its entirety, will be distributed (by bulletin) once approval of the rules pertaining to
non-certified terrorism loss is received. |
Separate Line Item Disclosure Endorsement (CL 0605 02 03)
AAIS Filing No.: AAIS-2003-4UM/IMG
Effective Date: 2/11/03
Company Action: Affiliated companies can adopt the endorsement for Commercial
Umbrella, Farm Umbrella, or Inland Marine Guide by establishing an effective date and
notifying the insurance department in writing. Refer to the applicable Filing Number(s)
when corresponding with the Department.
|
Regarding "non-certified" commercial losses
Non-certified terrorism losses are all commercial losses from acts of terrorism that
are not certified as such by the Secretary of the Treasury, and thus not covered by the
federal reinsurance program. These include, but are not necessarily limited to, acts
inspired, directed, and/or carried out by domestic U.S. groups or individuals.
| NEW AND RENEWAL BUSINESS |
| Posting date: 1/30/03, 3/20/03 (addl. info) |
| Filings Submitted for Proposed Effective Date of: 4/1/03 |
AAIS commercial lines programs filed on behalf of companies
|
AAIS endorsement used to
exclude coverage for non-certified terrorism losses |
AAIS endorsement used to
exclude coverage for nuclear, biological, or chemical terrorism losses |
| Agricultural Output |
CL 0640 12 02 |
CL 0660 12 02 |
| Artisans |
AP 0740 12 02 |
AP 0760 12 02 |
| Businessowners |
BP 0790 12 02 |
BP 0810 12 02 |
| Commercial Inland Marine (filed classes) |
CL 0630 12 02 |
CL 0650 12 02 |
| Commercial Liability |
GL 0270 12 02 |
GL 0280 12 02 |
| Commercial Output |
CL 0640 12 02 |
CL 0660 12 02 |
| Commercial Output XL |
CL 0640 12 02 |
CL 0660 12 02 |
| Commercial Properties |
CL 0640 12 02 |
CL 0660 12 02 |
| Contractors & Developers Output |
CL 0640 12 02 |
CL 0660 12 02 |
| Crime |
CL 0630 12 02 |
CL 0650 12 02 |
| Farm Properties |
FL 0640 12 02 |
FL 0660 12 02 |
| Farmowners |
FO 0640 12 02 |
FO 0660 12 02 |
| Glass |
CL 0630 12 02 |
CL 0650 12 02 |
| Personal & Premises Liability (Farm Only) |
GL 0330 12 02 |
GL 0340 12 02 |
| AAIS Effective Date: 4/1/03 |
| AAIS Filing Number(s): AAIS-2002-83 |
| Company action: Endorsements
Companies that have granted AAIS filing authority for forms and endorsements
can adopt the endorsements without notifying the insurance department.
Rules Supplement
Companies that have granted AAIS filing authority for rules can adopt the
manual supplement without notifying the insurance department if they intend to use it
without change.
However, companies that choose to depart from the AAIS filed rules must notify the
insurance department in writing as soon as possible. |
| Comments: Manual rules that address the use of the
various terrorism endorsements were filed in conjunction with the endorsements that
exclude loss caused by non-certified acts of terrorism. The rules filed in this state
indicate that the Commercial Inland Marine Program (filed classes) is not subject to the
standard fire policy statutes that apply to policies providing property coverage for loss
caused by fire. (See the Sample SFP Terrorism Rules Supplement attachment to Bulletin
02-0550 at this Web site). |
AAIS commercial lines advisory filings
|
AAIS endorsement used to
exclude coverage for non-certified terrorism losses |
AAIS endorsement used to
exclude coverage for nuclear, biological, or chemical terrorism losses |
| Commercial Umbrella |
UM 0775 12 02 |
UM 0785 12 02 |
| Farm Umbrella |
UM 0350 12 02 |
UM 0360 12 02 |
| Inland Marine Guide (All Guide Classes Except Yacht) |
CL 0630 12 02 |
CL 0650 12 02 |
| AAIS Advisory Effective Date: 4/1/03 |
| AAIS Filing Number(s): AAIS-2002-85CUP (Commercial
Umbrella), AAIS-2002-85FUP (Farm Umbrella) and AAIS-2002-83IMG (Inland Marine Guide) |
| Company action: Endorsements
Each company that wishes to adopt these endorsements must do so by establishing
an effective date and notifying the Insurance Department in writing. |
| Comments: Farm Umbrella Manual Rules Supplement - Pages
3 and 4
The last two pages of a manual supplement addressing the use of the Farm
Umbrella non-certified terrorism endorsements were filed in Nebraska in conjunction with
the endorsements that exclude loss caused by non-certified acts of terrorism. (Rules that
address the use of the Farm Umbrella certified terrorism endorsements were submitted in
the filing that contained the certified terrorism endorsements). The Supplement, in its
entirety, will be distributed (by bulletin) once approval of the rules pertaining to
non-certified terrorism loss is received. |
BACK
TO STATE LIST
|
|
