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VERMONT 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:
1/10/03, 4/21/03 (rating factors revised due to recalculation of population
density factor), 5/27/03 (COP-XL info added) |
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
--REVISED-- |
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 |
.00751
|
CL 0610 12 02 |
N/A |
| Artisans |
AP 0700 12 02 |
.01002
|
AP 0710 12 02 |
N/A |
| Businessowners |
BP 0750 12 02 |
.00751
|
BP 0760 12 02 |
N/A |
| Commercial Inland Marine (filed classes) |
CL 0600 12 02 |
.00751
|
CL 0610 12 02 |
N/A |
| Commercial Liability |
GL 0250 12 02 |
.01002
|
GL 0260 12 02 |
N/A |
| Commercial Output |
CL 0600 12 02 |
.00751
|
CL 0610 12 02 |
N/A |
| Commercial Output XL |
CL 0600 12 02 |
.00751
|
CL 0610 12 02 |
N/A |
| Commercial Properties |
CL 0600 12 02 |
.00751
|
CL 0610 12 02 |
N/A |
| Contractors & Developers Output |
CL 0600 12 02 |
.00751
|
CL 0610 12 02 |
N/A |
| Crime |
CL 0600 12 02 |
.00751
|
CL 0610 12 02 |
N/A |
| Glass |
CL 0600 12 02 |
.00751
|
CL 0610 12 02 |
N/A |
| 1original
factor was .0225; 2original
factor was .0250 |
| AAIS Effective Date: 1/10/03
(original rating factors and endorsements); 6/1/03 (revised rating factors) |
| Filing Number(s): Program |
AAIS Filing No. |
State Filing No. |
Agricultural Output |
AAIS-2002-82AG |
6687 |
| Artisans |
AAIS-2002-82AP |
6688 |
| Businessowners |
AAIS-2002-82BP |
6683 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2002-82CIM |
6692 |
| Commercial Liability |
AAIS-2002-82CL |
6682 |
| Commercial Output |
AAIS-2002-82COP |
6681 |
| Commercial Output - XL |
AAIS-2002-82COPXL |
6680 |
| Commercial Properties |
AAIS-2002-82CP |
6693 |
| Crime |
AAIS-2002-82CR |
6690 |
| Contractors & Developers Output |
AAIS-2002-82DOP |
6691 |
| Glass |
AAIS-2002-82GS |
6685 |
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
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 required to place them on file for informational
purposes.
| Separate Line Item Disclosure
Endorsement (CL 0605 02 03) |
| Program |
AAIS Filing No. |
State Filing No. |
| Agricultural Output |
AAIS-2003-3AG |
7266 |
| Artisans |
AAIS-2003-3AP |
7265 |
| Businessowners |
AAIS-2003-3BP |
7267 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2003-3CIM |
7268 |
| Commercial Liability |
AAIS-2003-3CL |
7269 |
| Commercial Output |
AAIS-2003-3COP |
7270 |
| Commercial Output - XL |
AAIS-2003-3COPXL |
7271 |
| Commercial Properties |
AAIS-2003-3CP |
7256 |
| Crime |
AAIS-2003-3CR |
7257 |
| Contractors & Developers Output |
AAIS-2003-3DOP |
7258 |
| Glass |
AAIS-2003-3GS |
7261 |
| 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 number
for excluding coverage for non-certified terrorism losses |
AAIS endorsement used to exclude
coverage for nuclear, biological, or chemical terrorism losses |
| Commercial Umbrella |
UM 0755 12 02 |
UM 0765 12 02 |
| AAIS Advisory Effective Date: 1/10/03 |
| 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.
Rating Information
Companies must also submit related rating information independently. |
| 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.
Disclosure Notices
Affiliated companies that wish to adopt the AAIS policyholder notices as filed,
with slight modifications for individual policies, must do so by notifying the Insurance
Department in writing. Companies that develop their own notices are required to place them
on file for informational purposes. |
| Filing Number(s): |
|
|
| Program |
AAIS Filing No. |
State Filing No. |
| Commercial Umbrella |
AAIS-2002-84CUP |
6579 |
| Separate Line Item Disclosure Endorsement (CL
0605 02 03) |
| Program |
AAIS Filing No. |
State Filing No. |
| Commercial Umbrella |
AAIS-2003-4CUP |
7263 |
| Effective Date: 2/11/03 Company Action:
Affiliated companies can adopt the endorsement 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:
4/10/03, 4/21/03 (additional info.), 5/27/03 (COP-XL info added) |
|
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 0630 12 02 |
CL 0650 12 02 |
|
Artisans |
AP 0730 12 02 |
AP 0750 12 02 |
|
Businessowners |
BP 0780 12 02 |
BP 0800 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 0630 12 02 |
CL 0650 12 02 |
|
Commercial Output - XL |
CL 0630 12 02 |
CL 0650 12 02 |
|
Commercial Properties |
CL 0630 12 02 |
CL 0650 12 02 |
|
Contractors & Developers Output |
CL 0630 12 02 |
CL 0650 12 02 |
|
Crime |
CL 0630 12 02 |
CL 0650 12 02 |
|
Farm Properties |
FL 0630 12 02 |
FL 0650 12 02 |
|
Farmowners |
FO 0630 12 02 |
FO 0650 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: 6/1/03 |
| Filing Number(s): |
|
|
| Program |
AAIS Filing No. |
State Filing No. |
| Agricultural Output |
AAIS-2002-83AG |
7725 |
| Artisans |
AAIS-2002-83AP |
7724 |
| Businessowners |
AAIS-2002-83BP |
7723 |
| Commercial Inland Marine (Filed Classes) |
AAIS-2002-83CIM |
7722 |
| Commercial Liability |
AAIS-2002-83CL |
7721 |
| Commercial Output |
AAIS-2002-83COP |
7720 |
| Commercial Output - XL |
AAIS-2002-83COP |
7719 |
| Commercial Properties |
AAIS-2002-83CP |
7718 |
| Crime |
AAIS-2002-83CR |
7717 |
| Contractors & Developers Output |
AAIS-2002-83DOP |
7716 |
| Farmowners |
AAIS-2002-83FO |
7715 |
| Farm Properties |
AAIS-2002-83FP |
7714 |
| Glass |
AAIS-2002-83GS |
7685 |
| Personal & Premises Liability (Farm Only) |
AAIS-2002-83PPL |
7678 |
| 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. (See the Sample NSFP Terrorism
Rules Supplement attachment to Bulletin 02-0550 at this Web site). |
| AAIS commercial lines advisory filings |
AAIS endorsement number for excluding
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 |
| AAIS Advisory Effective Date: 6/1/03 |
| Filing Number(s): |
| Program |
AAIS Filing
No. |
State Filing No. |
| Commercial Umbrella |
AAIS-2003-85CUP |
7673 |
| Farm Umbrella |
AAIS-2003-85FUP |
7672 |
| 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. |
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