California, New York TakeBig Risks On Terrorism Policies
California Insurance Commissioner Harry Low and New York Insurance Superintendent Gregory Serio are playing with fire by failing to approve terrorism exclusion language proposed by the Insurance Services Office Inc.
The National Association of Insurance Commissioners, as well as regulators in 46 jurisdictions, have given the green light to the restrictions, which, among other thresholds, exclude coverage if insured damages from terrorism exceed $25 million. The ISO proposal also provides for an exclusion if more than 50 people are killed or injured in a terrorism event, along with a total exclusion for biological and chemical incidents.
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