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ISO filings made in case TRIA expires; Endorsements would allow insurers to limit coverage.(News)(Insurance Services Office Inc.)(Terrorism Risk Insurance Act of 2002)(Brief Article)
Business Insurance, May, 2004
Byline: MEG FLETCHER JERSEY CITY, N.J.-The Insurance Services Office Inc. has taken initial steps to allow insurers to deny or modify terrorism coverage if the federal terrorism backstop program is not extended beyond its current Dec. 31, 2005, sunset. ISO said it filed optional endorsements with regulators in every U.S.
jurisdiction seeking their approval for insurers to limit coverage if the backstop program ends or if Congress modifies it to increase insurers' share of losses or risk of loss from terrorism. The Terrorism Risk Insurance Act of 2002 created a federal coverage backstop-set to expire at the end of 2005-for losses from catastrophic acts of terrorism in the United States. Beginning in September 2004, insurers will start taking action on...
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