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OKLAHOMA Copies of the special 05 03 editions of the certified terrorism endorsements that have been filed for use in the state of Oklahoma are attached to this Bulletin. At the request of the Oklahoma Insurance Department, the definition of "certified act of terrorism" has been revised in all of the endorsements that cover or exclude certified terrorism loss. The revised definition includes the provisions that prohibit the Secretary of the Treasury from certifying an act of terrorism. Specifically, no act will be certified by the Secretary as an act of terrorism if the act is committed as part of the course of a war declared by the Congress (except with respect to any coverage for workers’ compensation) or if property and casualty insurance losses resulting from the act do not exceed $5,000,000 in the aggregate. While the added terms do not affect the scope of coverage provided or excluded under the AAIS endorsements previously made available, AAIS affiliates are advised to keep these limitations in mind in determining when coverage is or is not provided with respect to loss caused by an act of terrorism. ENDORSEMENTS A table which identifies the Certified Terrorism coverage and exclusion endorsements that apply to each Commercial Lines program filed in Oklahoma is shown below:
FILING NUMBERS The endorsements described in this bulletin have been placed on file in the state of Oklahoma. Refer to the following filing numbers in all correspondence directed to the insurance department.
COMPANY ACTION Companies should begin using the new 05 03 endorsement editions as soon as possible. However, companies are not required to amend policies that have already been issued to reflect the change in endorsement editions. Endorsements Commercial Lines Programs Other Than Inland Marine Guide and Umbrellas Companies that have granted AAIS filing authority for forms and endorsements can adopt the endorsements without notifying the insurance department. Inland Marine Guide In Oklahoma, companies are required to file endorsements for non-filed inland marine classes. Companies affiliated for the Inland Marine Guide must make an independent filing to use the special 05 03 editions of the certified terrorism endorsements for all Inland Marine Guide classes except Yacht. For companies that have already submitted a filing of the 12 02 editions and have received an objection, it is recommended that the 05 03 editions be included with your filing response. Note: The certified terrorism endorsements are incompatible with the forms and endorsements shown for the Yacht class. Commercial and Farm Umbrella Programs Each company that wishes to adopt these endorsements must do so by establishing an effective date and notifying the Insurance Department in writing. SUPPLIES The forms and endorsements approved for use in this state have been released to Uniform Information Services, Inc. (UIS), the print vendor for AAIS forms and endorsements. Call UIS at (800) 382-2424 to order forms and endorsements in paper printed format. Call UIS at 800-782-9481 to order the text of AAIS forms in a variety of electronic formats. AAIS also offers the text of forms and endorsements in limited electronic formats. Call Veronica Clarke at 800/564-AAIS for more information. ATTACHMENTS
Direct Questions to: Edie Gardner, CPCU Copyright, American Association of Insurance Services, Inc., 2003
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Attachments CL 0600 05 03 Certified Terrorism Loss
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