The Insurance Services Office, Inc. said it is "gratified" that members of the National Association of Insurance Commissioners have agreed on ISO's wording of insurance policy exclusions for acts of terrorism for commercial property and commercial liability coverage.
ISO made its terrorism filing last month on behalf of 200 insurer groups that are participating customers.
"Recognizing the urgency of the situation insurers face, absent a federal mechanism to help pay terrorism claims, ISO will grant a limited license to use its exclusion language, at no charge, to insurance companies that do not participate with ISO for policy forms," the Jersey City, N.J.-based organization said.
The NAIC announcement today follows Congress' failure to pass legislation that would help insurers handle future terrorism claims.
