Question
What is your insurance agent telling you about the new Terrorism Endorsment and how it affects you from a coverage standpoint and premium?
Answer
You have not told me anything. Care to share the info?
Truck safe.
I like all dogs I meet, and some people too!! I like all dogs I meet, and some people too!!
Answer
My business insurance went up $200. When I questioned the agent he did not know why???
So I called the company, and they told me the increase was due to the Terrorist thing.
I say that is a bunch of BS. They just figured out a new way to increase their revenue.
By the way I was only paying $550 a year, so $200 is a substantial increase.
HAPPY MOTORING AND I WILL...SEE YOU AT THE TOP. russell
I will buy coffee at the TA or Petro
Answer
Under the Federal Terrorism Risk Insurance Act effective 11/26/2002, you are reqiured to be notified that you have the right to purchase insurance coverage for losses arising out of an "act of terrorism" (as defined by the Act). Under the Act, an "act of terrorism" must:
A. be violent or dangerous to human life, property or infrastructure and
B. result in danger in the U.S. or outside the U.S. to certain air carriers or vessels or to the premises of the U.S. mission and
C. be committed by or on behalf of a foreign person or interest as part of an effort to coerce the U.S. civilian population or to influence the policy or affect the conduct of the U.S. Government by coercion and
D. result in property and casualty losses of at least $5 million and
E. be certified as an "act of terrorism" by the Secretary of the Treasury in concurrence with the Secretary of State and Attorney General.
The Act provides that a separate premium is to be charged and shown for insurance for an "act of terrorism" covered by the Act.
It has by my experience that some insurance companies have already generated premium charges and documentation. Others are still drafting.
Our office is in the process of drafting a Terrorism Endorsement Info Packet for all our clients. The information is fairly constant, but premium charges may vary by insurance company.
Check with your agent to see how this Act will affect you and your policy.