Insurers Filing To Exclude Terror Loss
Tuesday, November 13th, 2001 CatastropheA firm that develops policy language for 600 property-casualty insurers said it is putting through the paperwork so its commercial lines insurers can exclude coverage for acts of terrorism. The American Association of Insurance Services, based in Wheaton, Ill. said its action was a response to requests from members who face loss of reinsurance at year's end. AAIS said it is initiating countrywide filings of commercial lines endorsements that would exclude losses resulting from acts of terrorism. Joseph Harrington, a spokesman for AAIS, said he wanted to stress that "these endorsement forms need to be approved by the states." He said that endorsement language was drafted last week "and the procedural steps are underway. I don't know that anything has actually been mailed to a state yet."
