New York Approves AAIS Certified Terrorism Loss Endorsements and Rating Information

Endorsements that can be used to cover or exclude loss resulting from certified acts of terrorism become effective March 1, 2003 for use in New York. Special 04 03 edition endorsements were created for use in New York with policies that are subject to Standard Fire Policy statutes. Bulletin 03-0092, which addresses the company action required to adopt the materials filed by AAIS, and the 04 03 edition endorsements have been posted to the AAIS open Web site at http://www.aaisonline.com/terror/Bulletin/03-0092.htm

Bulletin 03-0092 will not be distributed in a paper format.

The rating information for the portion of the 'fire-following' loss that would be retained by the company when the insured rejects the offer of coverage for certified terrorism loss under a policy that is subject to Standard Fire Policy statutes has also been approved effective March 1, 2003.

Rating information that can be applied to new and renewal policies when coverage is provided for loss caused by certified acts of terrorism was made available for use in New York on January 28, 2003.

The rating information has been posted to the AAIS open Web site at http://www.aaisonline.com/terror/NY.htm
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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.

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