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NEW JERSEY
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: 12/27/02, 1/8/03 (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 12 02 |
.0275 |
CL 0620 12 02 |
.0096 |
| Artisans |
AP 0700 12 02 |
.0225 |
AP 0720 12 02 |
N/A |
| Businessowners |
BP 0750 12 02 |
.0275 |
BP 0770 12 02 |
.0069 |
| Commercial Inland Marine (filed classes) |
Filing Not Required - (Use CL
0600 12 02) |
Filing Not Required - (Use
.0275) |
Filing Not Required - (Use CL
0610 12 02) |
N/A |
| Commercial Liability |
GL 0250 12 02 |
.0225 |
GL 0260 12 02 |
N/A |
| Commercial Output |
CL 0600 12 02 |
.0275 |
CL 0620 12 02 |
.0096 |
| Commercial Output XL |
CL 0600 12 02 |
.0275 |
CL 0620 12 02 |
.0096 |
| Commercial Properties |
CL 0600 12 02 |
.0275 |
CL 0620 12 02 |
.0096 |
| Contractors & Developers Output |
CL 0600 12 02 |
.0275 |
CL 0620 12 02 |
.0096 |
| Crime |
CL 0600 12 02 |
.0275 |
CL 0610 12 02 |
N/A |
| Glass |
CL 0600 12 02 |
.0275 |
CL 0610 12 02 |
N/A |
| AAIS Effective Date: 12/27/02 |
| AAIS Filing Number(s): AAIS-2002-82 |
| State File No. 02-2856 |
| Company action: Endorsements (All
lines except Commercial Inland Marine)
Companies that have granted AAIS filing authority for forms and endorsements can
adopt the endorsements without notifying the insurance department. Companies that choose
not to adopt a filing must notify the insurance department as soon as possible.
Rating Information (All lines except Commercial Inland Marine)
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.
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.
Commercial Inland Marine
Commercial Inland Marine is deregulated. Neither form nor rate filings are
required. |
| Comments: Disclosure Notices (All lines
except Commercial Inland Marine)
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)
AAIS Filing No.: AAIS-2003-3
State Filing No.: 03-0389
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 |
Filing Not Required - (Use UM 0755 12 02) |
Refer to company |
Filing Not Required - (Use UM 0765 12 02) |
N/A |
| AAIS Advisory Effective Date: 12/27/02 |
| AAIS Filing Number(s): Not Applicable |
| Company action: Endorsements and Rating
Information
Commercial Umbrella, including Farm Umbrella, is deregulated. Neither form nor rate
filings are required. |
| 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)
AAIS Filing No.: Not Applicable -- Umbrella Filings Not Required Due to
Deregulated Status
State Filing No.: Not Applicable -- Umbrella Filings Not Required Due to
Deregulated Status
Effective Date: 2/11/03
Company Action: Affiliated companies can adopt the endorsement, as filed,
without taking any filing action.
|
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: 3/5/03 |
| 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) |
Filing Not Required (Use CL 0630 12 02) |
Filing Not Required (Use 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 |
| State Filing Number(s): 03-572 |
| Company action: Endorsements (All lines except
Commercial Inland Marine--Filed Classes)
Companies that have granted AAIS filing authority for forms and endorsements can
adopt the endorsements without notifying the insurance department.
Rating Information (All lines except Commercial Inland Marine--Filed Classes)
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.
Commercial Inland Marine--Filed Classes
Commercial Inland Marine is deregulated. Neither form nor rule filings are
required. |
| 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 |
Filing Not Required - (Use UM
0775 12 02) |
Filing Not Required - (Use UM 0785 12 02) |
| Farm Umbrella |
Filing Not Required - (Use UM
0350 12 02) |
Filing Not Required - (Use UM 0360 12 02) |
| AAIS Advisory Effective Date: 4/1/03 |
| AAIS Filing Number(s): Not Applicable -- Umbrella
Filings Not Required Due to Deregulated Status |
| State Filing Number(s): Not Applicable -- Umbrella
Filings Not Required Due to Deregulated Status |
| Company action: Endorsements
Commercial Umbrella, including Farm Umbrella, is deregulated. Neither form nor rate
filings are required. |
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