ISO Filings Now Cover $25 Million Terror Loss
Friday, January 4th, 2002 CatastropheThe Insurance Services Office Inc. said yesterday that its amended policy filings are now in place, which include coverage for damage and liability arising from smaller acts of terrorism. ISO modified the language of commercial and personal property and general liability policy forms that it prepares for its 200 member insurer groups. Where filings with regulators originally included a complete terror exclusion, they will now include a $25 million threshold of insured damage before the exclusion will apply, noted a representative for the Jersey City, N.J.-based ISO, Christopher Guidette. In addition, there would be a second threshold to exclude liability, which would apply if 50 or more persons are seriously injured in a terrorist attack at the insured's premises.
