Insurers writing small-business coverage will soon have access to new information for rating terrorism coverage, an advisory organization that develops policy forms and rating information announced.
American Association of Insurance Services in Wheaton, Ill., said this month it will initiate a countrywide filing of new business owners policy (BOP) manual supplements that include new terrorism loss costs and rating factors.
The new rating information, which has a proposed effective date of Oct. 1, AAIS said, will address losses arising from both “certified” acts covered with federal reinsurance and “noncertified” acts of terrorism.
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