ACE USA ASKS FOR EXCLUSION

Philadelphia-based Ace USA is seeking permission from the Washington State Insurance Commissioner to exclude acts of terrorism from the policies it issues to businesses. According to a report in The Seattle Times, the first-of-its-kind filing in Washington was made recently by Ace, representing nine companies that insure businesses in the state. Ace seeks to exclude acts of terrorism from its commercial lines of coverage only, starting Jan. 1. Commercial lines of insurance are issued to businesses to cover things such as vehicles, buildings, liability and business interruption. For a building the size of Seattle’s 76-story Bank of America tower, the annual premium likely is six figures, according to insurance experts. Washington State does not have a list of Ace USA’s clients, and Ace declined to release them. Ace’s request has not been reviewed by state regulators but is likely to be granted, according to Beth Berendt, deputy commissioner. Washington State law does not permit exclusions for terrorism on personal lines of insurance, such as life, auto and property, said Berendt.

Topics Washington