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VIRGINIA 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: 1/3/03, 1/10/03 (addl. info), 2/21/03
(revised endrsmnts posted), 2/27/03 (addl info) |
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 03 03* |
.0175 |
CL 0620 03 03* |
.0061 |
| Artisans |
AP 0700 03 03* |
.0200 |
AP 0720 03 03* |
N/A |
| Businessowners |
BP 0750 03 03* |
.0175 |
BP 0770 03 03* |
.0044 |
| Commercial Inland Marine (filed classes) |
CL 0600 03 03* |
.0175 |
CL 0610 03 03* |
N/A |
| Commercial Liability |
GL 0250 03 03* |
.0200 |
GL 0260 03 03* |
N/A |
| Commercial Output |
CL 0600 03 03* |
.0175 |
CL 0620 03 03* |
.0061 |
| Commercial Output XL |
No Program Currently On File |
| Commercial Properties |
CL 0600 03 03* |
.0175 |
CL 0620 03 03* |
.0061 |
| Commercial Umbrella |
UM 0755 03 03* |
Refer to company |
UM 0765 03 03* |
N/A |
| Contractors & Developers Output |
CL 0600 03 03* |
.0175 |
CL 0620 03 03* |
.0061 |
| Crime |
CL 0600 03 03* |
.0175 |
CL 0610 03 03* |
N/A |
| Farm Properties |
FL 0600 03 03* |
.0175 |
FL 0620 03 03* |
.0061 |
| Farmowners |
FO 0600 03 03* |
.0175 |
FO 0620 03 03* |
.0044 |
| Farm Umbrella |
UM 0330 03 03* |
Refer to company |
UM 0340 03 03* |
N/A |
| Glass |
CL 0600 03 03* |
.0175 |
CL 0610 03 03* |
N/A |
| Personal & Premises Liability (Farm Only) |
GL 0310 03 03* |
.0200 |
GL 0320 03 03* |
N/A |
| *Special version of endorsement applies. |
| AAIS Effective Date: 1/3/03 |
| Filing Number(s): In the state of Virginia, Farm and
Commercial Umbrella endorsements are filed on behalf of affiliated companies rather than
on an advisory basis. |
| (Endorsements) |
|
|
| Program |
AAIS Filing No. |
BOI Number |
| Agricultural Output |
AAIS-2002-82AGF |
009 0000021781 |
| Artisans |
AAIS-2002-82APF |
013 0000031629 |
| Businessowners |
AAIS-2002-82BPF |
013 0000031628 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2002-82CIMF |
015 0000011688 |
| Commercial Liability |
AAIS-2002-82CLF |
017 0000049782 |
| Commercial Output (eff. until 4/1/03) |
AAIS-2002-82COPF |
009 0000021779 |
| Commercial Output (eff. 4/1/03) |
AAIS-2002-82COP2F |
009 0000021780 |
| Commercial Properties |
AAIS-2002-82CPF |
009 0000021776 |
| Commercial Umbrella |
AAIS-2002-84CUP |
017 0000049707 |
| Contractors & Developers Output |
AAIS-2002-82DOPF |
009 0000021832 |
| Crime |
AAIS-2002-82CRF |
026 0000005192 |
| Farm Properties |
AAIS-2002-82FPF |
011 0000002756 |
| Farmowners |
AAIS-2002-82FOF |
011 0000002757 |
| Farm Umbrella |
AAIS-2002-84FUP |
017 0000049708 |
| Glass |
AAIS-2002-82GSF |
025 0000000728 |
| Personal & Premises Liability (Farm Only) |
AAIS-2002-82PPLF |
011 0000002758 |
|
|
|
| (Rating Information) |
|
|
| Program |
AAIS Filing No. |
BOI Number |
| Agricultural Output |
AAIS-2002-82AGR |
009 0000021782 |
| Artisans |
AAIS-2002-82APR |
013 0000031626 |
| Businessowners |
AAIS-2002-82BPR |
013 0000031627 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2002-82CIMR |
015 0000011687 |
| Commercial Liability |
AAIS-2002-82CLR |
017 0000049781 |
| Commercial Output (eff. until 4/1/03) |
AAIS-2002-82COPR |
009 0000021784 |
| Commercial Output (eff. 4/1/03) |
AAIS-2002-82COP2R |
009 0000021778 |
| Commercial Properties |
AAIS-2002-82CPR |
009 0000021777 |
| Commercial Umbrella |
Not Applicable |
Not Applicable |
| Contractors & Developers Output |
AAIS-2002-82DOPR |
009 0000021833 |
| Crime |
AAIS-2002-82CRR |
026 0000005191 |
| Farm Properties |
AAIS-2002-82FPR |
011 0000002755 |
| Farmowners |
AAIS-2002-82FOR |
011 0000002754 |
| Farm Umbrella |
Not Applicable |
Not Applicable |
| Glass |
AAIS-2002-82GSR |
025 0000000727 |
| Personal & Premises Liability (Farm Only) |
AAIS-2002-82PPLR |
011 0000002759 |
Company action:
Endorsements
Companies that have granted AAIS filing authority for forms and endorsements can adopt
the endorsements without notifying the insurance department.
Rules (All programs other than Commercial Umbrella and Farm Umbrella)
The Virginia Bureau of Insurance (BOI) requires that for every optional endorsement
there is a corresponding manual rule. (However, this rule does not apply to the Commercial
or Farm Umbrella programs, since AAIS does not file manuals for these two lines). For all
programs other than Umbrella, a single manual rules supplement has been developed and
filed in Virginia. The portion of this supplement that specifically addresses Certified
Terrorism Losses includes pages Rules - 1, Rules - 2, and Rules - 3.
A copy of each of these pages was distributed on January 10, 2003 as an attachment to
Bulletin 03-0006. Please refer to this bulletin for further information.
Companies that have granted AAIS filing authority for rules can adopt pages Rules -
1, Rules - 2, and Rules - 3 of the Virginia Terrorism Losses -- Rules
Supplement (REV 1.0) without notifying the insurance department, provided that no
content-related changes are made to the AAIS pages.
| Companies that have granted AAIS filing authority for rules that choose
to depart from the AAIS filed pages, or that choose not to adopt Supplement pages Rules
- 1, Rules - 2, and Rules - 3, were obligated to notify the insurance
department in writing as soon as possible. |
| Rating Information (All programs other than Commercial
Umbrella and Farm Umbrella) |
| 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, including a decision not to adopt the rating information, must notify the
insurance department in writing as soon as possible. |
| |
| Commercial Umbrella and Farm Umbrella Rating Information |
| Companies are also required to file Umbrella rating information in this
state, but only with respect to risks that fail to meet the minimum requirements for
underlying insurance set forth by Administrative Order No. 10208 which is summarized
below. |
| |
| Umbrella rule and rating information filings are not required if the
limits of underlying insurance are at least $350,000 per occurrence for bodily injury and
property damage on a combined single limit basis (or $100/300/50 for bodily injury and
property damage on a split limit basis) for owned autos and for all general liability
exposures. Underlying limits for personal liability and watercraft liability must be at
least $100,000 per occurrence. |
| |
| Expedited Filing Transmittal |
| An Expedited Filing Transmittal Document For Terrorism Risk Insurance
Forms and Pricing must be included in order to receive expedited handling of any filing
required under these instructions. |
| Comments: Disclosure Notices
Affiliated companies can use the AAIS policyholder notices as filed, with
slight 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 are NOT required to place them on file. |
| Separate Line Item Disclosure Endorsement (CL 0605
02 03) |
| Effective Date: 2/11/03 (all programs except
AAIS-2003-3COP2F & AAIS-2003-3COP2R) 4/1/03 (AAIS-2003-3COP2F & AAIS-2003-3COP2R
only) |
| Filing Numbers: |
| (Endorsements) |
| Program |
AAIS Filing No. |
BOI Number |
| Agricultural Output |
AAIS-2003-3AGF |
009 0000021995 |
| Artisans |
AAIS-2003-3APF |
009 0000022064 |
| Businessowners |
AAIS-2003-3BPF |
013 0000031913 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2003-3CIMF |
015 0000011757 |
| Commercial Liability |
AAIS-2003-3CLF |
017 0000050273 |
| Commercial Output (eff. until 4/1/03) |
AAIS-2003-3COPF |
009 0000021993 |
| Commercial Output (eff. 4/1/03) |
AAIS-2003-3COP2F |
009 0000021994 |
| Commercial Properties |
AAIS-2003-3CPF |
009 0000021992 |
| Commercial Umbrella |
AAIS-2003-4CUP |
017 0000050269 |
| Contractors & Developers Output |
AAIS-2003-3DOPF |
009 0000022062 |
| Crime |
AAIS-2003-3CRF |
026 0000005254 |
| Farm Properties |
AAIS-2003-3FPF |
011 0000002799 |
| Farmowners |
AAIS-2003-3FOF |
011 0000002795 |
| Farm Umbrella |
AAIS-2003-4FUP |
017 0000050617 |
| Glass |
AAIS-2003-3GSF |
025 0000000737 |
| Personal & Premises Liability (Farm Only) |
AAIS-2003-3PPLF |
017 0000050272 |
| (Rules) |
|
|
| Program |
AAIS Filing No. |
BOI Number |
| Agricultural Output |
AAIS-2003-3AGR |
009 0000021990 |
| Artisans |
AAIS-2003-3APR |
009 0000022063 |
| Businessowners |
AAIS-2003-3BPR |
013 0000031908 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2003-3CIMR |
015 0000011756 |
| Commercial Liability |
AAIS-2003-3CLR |
017 0000050270 |
| Commercial Output (eff. until 4/1/03) |
AAIS-2003-3COPR |
009 0000021988 |
| Commercial Output (eff. 4/1/03) |
AAIS-2003-3COP2R |
009 0000021991 |
| Commercial Properties |
AAIS-2003-3CPR |
009 0000021989 |
| Commercial Umbrella |
Not applicable |
Not applicable |
| Contractors & Developers Output |
AAIS-2003-3DOPR |
009 0000022065 |
| Crime |
AAIS-2003-3CRR |
026 0000005253 |
| Farm Properties |
AAIS-2003-3FPR |
011 0000002798 |
| Farmowners |
AAIS-2003-3FOR |
011 0000002794 |
| Farm Umbrella |
Not applicable |
Not applicable |
| Glass |
AAIS-2003-3GSR |
025 0000000738 |
| Personal & Premises Liability (Farm Only) |
AAIS-2003-3PPLR |
017 0000050271 |
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.
| Posting date: 2/21/03, 2/27/03 (addl. info), 3/17/03 (addl.
info), 4/29/03 (addl. info), 5/8/03 (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 |
No Program Currently On File |
| Commercial Properties |
CL 0640 12 02 |
CL 0660 12 02 |
| Commercial Umbrella |
UM 0775 12 02 |
UM 0785 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 |
| Farm Umbrella |
UM 0350 12 02 |
UM 0360 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 |
| Filing Number(s): In the state of Virginia, Farm and
Commercial Umbrella endorsements are filed on behalf of affiliated companies rather than
on an advisory basis. |
| (Endorsements) |
|
|
| Program |
AAIS Filing Number |
BOI Number |
| Agricultural Output |
AAIS-2002-83AGF |
009 0000022029 |
| Artisans |
AAIS-2002-83APF |
013 0000031969 |
| Businessowners |
AAIS-2002-83BPF |
03 0000031970 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2002-83CIMF |
015 0000011798 |
| Commercial Liability |
AAIS-2002-83CLF |
017 0000050360 |
| Commercial Output (eff. 4/1/03) |
AAIS-2002-83COPF |
009 0000022028 |
| Commercial Properties |
AAIS-2002-83CPF |
009 0000022027 |
| Commercial Umbrella |
AAIS-2002-85CUP |
017 0000050358 |
| Contractors & Developers Output |
AAIS-2002-83DOPF |
009 0000022026 |
| Crime |
AAIS-2002-83CRF |
026 0000005270 |
| Farm Properties |
AAIS-2002-83FPF |
011 0000002805 |
| Farmowners |
AAIS-2002-83FOF |
011 0000002806 |
| Farm Umbrella |
AAIS-2002-85FUP |
017 0000050646 |
| Glass |
AAIS-2002-83GSF |
025 0000000739 |
| Personal & Premises Liability (Farm Only) |
AAIS-2002-83PPLF |
017 0000050359 |
|
|
|
| (Rules) |
|
|
| Program |
AAIS Filing Number |
BOI Number |
| Agricultural Output |
AAIS-2002-83AGR |
009 0000022032 |
| Artisans |
AAIS-2002-83APR |
013 0000031972 |
| Businessowners |
AAIS-2002-83BPR |
013 0000031971 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2002-83CIMR |
015 0000011799 |
| Commercial Liability |
AAIS-2002-83CLR |
017 0000050362 |
| Commercial Output (eff. 4/1/03) |
AAIS-2002-83COPR |
009 0000022031 |
| Commercial Properties |
AAIS-2002-83CPR |
009 0000022030 |
| Commercial Umbrella |
Not Applicable |
Not Applicable |
| Contractors & Developers Output |
AAIS-2002-83DOPR |
Not Yet Available |
| Crime |
AAIS-2002-83CRR |
026 0000005271 |
| Farm Properties |
AAIS-2002-83FPR |
011 0000002807 |
| Farmowners |
AAIS-2002-83FOR |
011 0000002808 |
| Farm Umbrella |
Not Applicable |
Not Applicable |
| Glass |
AAIS-2002-83GSR |
025 0000000740 |
| Personal & Premises Liability (Farm Only) |
AAIS-2002-83PPLR |
017 0000050361 |
| Effective Date: 4/1/03 |
| Company action: Endorsements (All program s other than
Inland Marine Guide)
Companies that have granted AAIS filing authority for forms and
endorsements can adopt the endorsements without notifying the insurance department.
Endorsements (Inland Marine Guide)
In Virginia, companies are required to file endorsements for certain
non-filed inland marine classes. Companies affiliated for the Inland Marine Guide must
make an independent filing to use the non-certified terrorism endorsements (CL 0630 12 02
and CL 0650 12 02) for the Bailee Customers Floater and Motor Truck Cargo classes.
For the non-filed inland marine classes other than Bailee Customers Floater and Motor
Truck Cargo, companies can adopt the endorsements without notifying the insurance
department.
Note: The non-certified terrorism endorsements are not available for use with the
Inland Marine Guide Yacht class.
Companies are advised to refer to Administrative Letter 2002-15, Dec. 18, 2002, for the
filing requirements that apply to terrorism-related filings in Virginia. |
| Comments: Manual rules that address the use of the various
non-certified terrorism endorsements were filed in conjunction with the endorsements that
exclude loss caused by non-certified acts of terrorism. The rules filed 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. |
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