Changes made to the recently extended Terrorism Risk Insurance Act will not require any modifications to ISO's portfolio of terrorism insurance endorsements and related rules, the company said Tuesday.
"Revisions to ISO's portfolio of terrorism endorsements and related rules are not necessary in response to TRIA's extension," said Kevin B. Thompson, senior vice president for Jersey City, N.J.-based Insurance Services Office. "Since the definition of a certified act of terrorism has not changed, the ISO program already complies with the new law, and there is no immediate need to revise coverage forms or endorsements."
Congress passed the extension law shortly before adjourning for the holidays, and President George W. Bush signed the bill on Dec. 22. In addition to extending the program for two years, the legislation also makes several changes designed to reduce the potential exposure for the federal government and shift the burden to insurers.
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