New York, California Balk At ISO Terrorism Exclusions
Insurance industry organizations are predicting turmoil for some sectors of Californias commercial insurance market and the general economy after the state's insurance commissioner rejected terrorism exclusion language proposed by the Insurance Services Office, Inc.
In addition to faulting the action by California Commissioner Harry W. Low, the insurance groups also said they expect problems in New York. Insurance Superintendent Gregory V. Serio did not immediately reject the proposed language, but he did refuse to automatically approve policies with ISO terrorism damage exclusions.
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