In the wake of the Sept. 11 terrorism attacks, insurance companies have begun seeking permission from state regulators to exclude terrorism coverage from a number of policies in 2002, including home, auto and life. Terrorism damage was generally covered in the majority of U.S. policies prior to Sept. 11, and most states require primary companies to get approval to remove it. According to The Washington Post, all 50 states and the District of Columbia have obtained at least one petition for an exclusion, and many others are expected as insurers and regulators wait to see what Congress will do to help the industry cover future terrorism claims. Companies requesting the exclusions include such giants as Ace and AIG as well as smaller companies. In filing for the exclusions now, insurers are trying to finish paperwork by deadlines imposed by state regulators for notifying policyholders of substantial changes in coverage or for termination of policies.
Was this article valuable?
Here are more articles you may enjoy.
Microsoft Tells Texas Agencies They Were Exposed in Russian Hack 
‘Great Resignation’ Enters Third Year as Workers Embrace AI, Upskilling, PwC Says 
Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023 
Changes at American Coastal Insurance After Florida OIR Action on ‘No-Fly List’ From This Issue
