ISO To File Terrorism Forms
Even before President George W. Bush signed the Terrorism Risk Insurance Act into law, the Insurance Services Office Inc. announced that it would file new commercial lines policy forms and rating information to help its members handle the new coverage.
The law voids terrorism exclusions on in-force policies, as well as state regulatory approvals for such exclusions to the extent they apply to losses covered by the act. Insurers are permitted to reinstate the preexisting terrorism exclusions if policyholders advise in writing they are declining terrorism coverage or do not pay the additional premium for terrorism coverage.
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