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Community Webinarwww.insurancecommunitycenter.com
Terrorism: What You Need to Know
Today
• The class will begin at the top of the hour. There is no sound at this time.
• This class is being recorded. The recording can be found in the Community at Webinars Archive
• You can ask questions at anytime, type them into the chat box.
• Check your chat box for links to upcoming classes.
• This class is not approved for CE credit.
Some things you should know:
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Presents Monthly Webinars Free to Community Members.
Community webinars are archived on the Community homepage under the right hand tab titled: Webinar Archive
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In addition the community has unique business networking opportunities.
Enjoy the Weekly Newsletter on a specific topic with a tip of the week; claim; quiz flash and articles
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One Flat Fee per Office includes Monthly webinars approved for CE many
states Test and Learn Audio Presentations on insurance topics Checklists Power point presentations for client
and/or peer training
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Insurance forms and endorsements vary based on insurance company; changes in edition dates; regulations; court decisions;
and state jurisdiction. The instructional materials provided by The Insurance Community Center and its authors is intended as
a general guideline and any interpretations provided by The Community do not modify or revise insurance policy language. Information which is copyrighted and proprietary to Insurance
Services Office, Inc. (“ISO Material”) is included in this publication. Use of the ISO Material is limited to ISO
Participating Insurers and their Authorized Representatives. The Insurance Community Center assumes neither liability nor responsibility to any person or business with respect to any loss that is alleged to be caused directly or indirectly as a result of
the instructional materials provided. Insight Insurance Consulting
[email protected]@insuranceacommunitycenter.com www.insuranceacommunitycenter.com
Copyright 2013©
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Marjorie L. Segale, AFIS, CISC, RPLU, CIC, CRIS, ACSR, CISR
Insurance Community Center, LLCDirector of Education 6
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Terrorism definedFederal and State StatutesTRIA protectionLimitations of coverageTerrorism Insurance Coverage
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Terrorism
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U.S. Code Of Federal Regulations Definition Of Terrorism: The unlawful use of force and violence
against persons or property to intimidate or coerce a government, the civilian population, or any segment thereof, in furtherance of political or social objectives.
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Domestic individual or groupForeign individual or groupDomestic party acting for a foreign
party
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Terrorists may be either domestic or foreign depending on the following: Origin of group Base of operations Objectives
Investigation and determination post-loss
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Fire Vandalism Explosion
Bomb Radiological Dispersal Device (RDD) Biological, Chemical, Nuclear device
Cybersabotage – (Cyberterrorism) Hijackings, kidnappings or hostage
taking Assassination
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Injury or death Employees Customers Visitors Trade or delivery persons
Ensuing litigation
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Damage to buildings and personal property Widespread damage caused by falling
debris, dust, dispersal of agents Debris removal expense Demolition of surrounding property Environmental monitoring of site Diminution of property value
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Business shutdown Direct and indirect damage
Economic impairment Societal fear is one of the main goals of
terrorists The damage and fear results in overall
economic damage, which terrorists hope will result in a country’s downfall
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A number of services provide a threat assessment Geographic proximity Type of business Business clientele Concentration of people – particularly
children
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Insurance company reinsurance contracts renewed 1/1/2002 (70%) and 7/1/2002 with absolute terrorism exclusions for most coverage lines
US insurers could not take the chance on another event occurring without reinsurance Terrorism exclusions created and added
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Terrorism Risk Insurance Act – TRIA 11/26/2002 – 12/31/2005
Terrorism Risk Insurance Extension Act – TRIEA 1/1/2006 – 12/31/2007
Terrorism Risk Insurance Program Reauthorization Act of 2007 12-26-2007, effective 1-1-2008 to 12-31-2014
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Called a federal backstop for insurers If an insurance company adds a
terrorism exclusion to a policy, this federal law requires the offer of coverage for specific lines of insurance
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TRIPRA is not insurance – it is a Federal statute that requires insurers to provide limited types of coverage for policyholders that purchase the protection
Gaps in coverage can be significant Cost of this coverage is rated as a
percentage rate of either the property or liability rates Does not take actual risk into account
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Responds when the act is a ‘certified act of terrorism’ – declared by: The Secretary of the Treasury Secretary of State, and The Attorney General ALL THREE must agree
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To be an act of terrorismTo be a violent act or an act that is
dangerous to Human life Property Infrastructure
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To have resulted in damage within the United States or outside the United States in the case of An air carrier or vessel The premises of a United States mission
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And to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion▪ NOTE: The requirement that the act be
committed by an individual acting on behalf of any foreign person or foreign interest was removed when the Act was reauthorized in 2007
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No act shall be certified by the Secretary of Treasury as an act of terrorism if: The act is committed as part of the
course of a war declared by the Congress, except this clause shall not apply with respect to any coverage for workers’ compensation or property and casualty insurance losses resulting from the act, in the aggregate, do not exceed $5,000,000.
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Determinations are final and not subject to judicial review
The Secretary of the Treasury cannot delegate the determination to anyone else, up to and including the President of the United States
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The Act specifically states that terrorism exclusions included in a policy on specified lines of insurance will be suspended to the extent the law deems the loss to be caused by a certified act when TRIA protection has been purchased by the policyholder
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Policies contain MANY other exclusions that are not overcome by the Act Mold, fungus, microbial matter Nuclear reaction, radiation, etc Pollution War
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Thus, even though the Act includes ALL loss caused by a certified act, the Act only contemplates terrorism exclusions and does NOT address the impact of the other exclusions that effectively remove coverage for nuclear, biological, chemical or radiological events
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A single terrorist act must cause property and casualty losses in excess of $5 million to be eligible for certification under TRIPRA If certified, this becomes the trigger of
coverage for the policyholder The reinsurance program trigger is fixed
at $100,000,000 ($100 million) If certified, this becomes the trigger for the
reinsurance protection for the insurers31
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Requires the Secretary of the Treasury to notify Congress not later than 15 days after the date of an act of terrorism as to whether aggregate insured losses are estimated to exceed $100,000,000,000 ($100 billion)
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Retention of 20% of each insurer’s prior year direct earned premium
Co-payment of 15% of all covered loss Federal funds pay back 85% to insurers
in excess of the retention
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Lesser of: $27.5 Billion Aggregate amount, for all insurers, of
insured losses during each Program YearThe Act requires the Treasury to
publish an estimate of aggregate insured losses within 90 days after an act of terrorism
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$100 billion The insurance industry will have no
obligation under TRIA or TRIEA required coverages to pay losses
Congress will have to make the determination of payment for losses that exceed this amount
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The government will recover a portion of payments paid out by the government program to insurers or reinsurers
The original 3% premium surcharge on property and casualty insurance coverage is currently eliminated
The Act requires the Treasury to issue recoupment regulations within 180 days of enactment
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Requires the insurers to use clear and conspicuous notice to policyholders of the existence of the $100 billion cap At time of offer At time of purchase At time of renewal
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The offer of TRIA protection must be offered on specified lines of insurance
Suspends terrorism exclusions to the extent of the defined ‘certified act of terrorism’
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Per-occurrence limits that match property policy
Coverage applies at all covered locations within the U. S.
Cancellation terms are set by the policy or state statute
Deductible same as for other losses
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Act deemed a certified act $5,000,000 property or casualty losses
from single event $100,000,000 damage to trigger federal
reinsurance for insurers Co-payments apply to each individual
insurer plus 15% of loss above their premium retention
Aggregate industry capped at $100 billion on federal reinsurance program
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Client has a building insured and has purchased the offer $2,000,000 limit of insurance $5,000 deductible Explosion from bomb damages the
building Loss is valued at $1,000,000 What is the policy response?
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Client has a building insured and has purchased the offer $20,000,000 limit of insurance $50,000 Deductible Explosion from bomb damages the
building Loss is valued at $4,000,000? What is the policy response?
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Client has a building insured and has purchased the offer $10,000,000 limit of insurance $50,000 Deductible Explosion from bomb damages the
building Loss is valued at $15,000,000 What is the policy response?
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No Terrorism Exclusions Allowed If an act of terrorism (certified or
not) injured workers will be covered by Workers’ Compensation Policy Must arise AOE/COE
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Commercial insurers and reinsurersWorkers compensation poolsState-licensed captive insurersRisk retention groups
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Property policiesBoiler and MachineryGeneral liabilityDirectors and Officers LiabilityOcean and Inland Marine
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Personal lines insurance companies and reinsurers
Federal crop and livestock Farmowners Multi-PerilPrivate mortgage / Financial
guaranty Professional liability / Medical
Malpractice
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Health and LifeFlood – NFIPCommercial automobileBurglary and theftSuretyReinsurance / Retrocessional
reinsurance
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Standard Fire Policy State Regulations
Impact on Coverage
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Many states have adopted a standard fire policy Establishes exclusions from coverage
In these states, fire from all causes, including earthquake but excluding war, is covered In some cases a nuclear explosion with
ensuing fire is specifically addressed in the statutes
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Some states with a standard fire policy have allowed fire following a terrorist attack to be excluded, if the policyholder turned down TRIA
In the remainder, fire following a terrorist attack is covered, whether or not the business purchased terrorism coverage
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ArizonaCalifornia**ConnecticutGeorgiaHawaii Idaho Illinois Iowa
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LouisianaMaine**MassachusettsMichiganMinnesotaMissouri**NebraskaNew Hampshire
** Not allowed to reject fire following
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New JerseyNew YorkNorth CarolinaNorth DakotaOklahomaOregon**New HampshirePennsylvania
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Rhode IslandTexasVirginiaWashingtonWest VirginiaWisconsin**U.S. Virgin
Islands** Not allowed to reject fire following
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AlaskaArkansasColoradoDelawareDC
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Florida IndianaKansasKentuckyMaryland
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MississippiMontanaNevadaNew MexicoOhioPuerto RicoSouth Carolina
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South DakotaTennesseeUtahVermontWyomingGuam
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Most Companies Do Not Include NBCR Coverage
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To provide broader coverage To provide more specific and tailored
coverage for the buyer To provide coverage at an appropriate
rate commensurate with the individual risk TRIA typically use a percentage of the
original policy rates▪ This does not provide premium specific to the
risk of terrorism
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Does not distinguish between foreign or domestic acts
Can be written world-wide with a few countries excluded
Specific Country Deductibles may be used at the underwriter and client’s discretion
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Limits are typically aggregated or with one reinstatement
Typically written on a location specific basis
Policies may be written as non-cancelable
Long-term policies up to three years available
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Ace USA – Illinois Union
AIG - Property Arch Insurance
Group AXIS Capital Berkshire
Hathaway Glacier Re Hiscox Lancashire Re
Lloyds (a number of different syndicates)
Montpelier Re OPIC Transatlantic Re Various Political
Risk Carriers Western Re Bermuda
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You have an obligation to your insured to not only EXPLAIN TRIEA but to offer actual insurance coverage that does not require a government proclamation
Coverage in the stand-alone marketplace is available and can be less expensive than the TRIEA protection provided under Federal law
NEVER assume your client will not want this coverage
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Community Lecture May 16th - Revise your Contracts or Risk
Losing Additional Insured Coverage!University CE
May 9th - Insight on Foreign Insurance May 14th - Condominium - 5 Key Issues May 16th - Workers Compensation - 5 Key
Issues May 23rd - Construction Liability
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