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RHODE ISLAND
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),
7/19/04 (Exemption for Inland Marine 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 |
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 |
.0250 |
CL 0620 12 02 |
.0088 |
| Artisans |
AP 0700 12 02 |
.0225 |
AP 0720 12 02 |
N/A |
| Businessowners |
BP 0750 12 02 |
.0250 |
BP 0770 12 02 |
.0063 |
| Commercial Inland Marine (filed classes) |
Filing Not Required
(Use CL 0600 12 02) |
.0250 |
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 |
.0250 |
CL 0620 12 02 |
.0088 |
| Commercial Output XL |
No Program Currently On File |
| Commercial Properties |
CL 0600 12 02 |
.0250 |
CL 0620 12 02 |
.0088 |
| Contractors & Developers Output |
CL 0600 12 02 |
.0250 |
CL 0620 12 02 |
.0088 |
| Crime |
CL 0600 12 02 |
.0250 |
CL 0610 12 02 |
N/A |
| Glass |
CL 0600 12 02 |
.0250 |
CL 0610 12 02 |
N/A |
| AAIS Effective Date: 12/27/02 (all
programs except Commercial Inland Marine); 6/11/04 (Commercial Inland
Marine only) |
| AAIS Filing Number(s): AAIS-2002-82 |
| Company action: Endorsements (All
programs other than Inland Marine)
Companies that have granted AAIS filing authority for forms and endorsements
can adopt the endorsements without notifying the insurance department.
Rating Information (All programs other than 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, must
notify the insurance department in writing as soon as possible.
Inland Marine (Filed Classes and Inland Marine Guide)
No filings are required for these programs in accordance with Section
27-65-1 of the Rhode Island General Laws.
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)
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 |
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): AAIS-2002-84 |
| Company action: Commercial Umbrella
Endorsements and Rating Information
Both forms and rating information are deregulated. Filings for Commercial Umbrella
are not required.
Farm Umbrella
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. |
| 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.: AAIS-2003-4 (Farm Umbrella only; No Filing Required For
Commercial Umbrella)
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 when corresponding with the Department.
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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: 3/18/03, 6/11/04 (Umbrella info.
updated), 7/19/04 (Inland Marine exemption added) |
| 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 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 (All programs other
than Inland Marine) |
| Companies that have granted AAIS filing authority for forms
and endorsements can adopt the endorsements without notifying the insurance department. |
| |
| Rules Supplement (All programs
other than Inland Marine) |
| 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. |
| |
| Inland Marine (Filed Classes and
Inland Marine Guide) |
| No filings are required for these
programs in accordance with Section 27-65-1 of the Rhode Island
General Laws. |
| |
| 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. |
| 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: 4/1/03 |
| AAIS Filing Number(s): N/A; No
filing required |
Company action:
Commercial Umbrella
Endorsements
Filings for Commercial Umbrella
are not required.
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