|
The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of
2007, which took effect on January 1, 2008, extends and modifies the
previous Terrorism Risk Insurance Extension Act (TRIEA) of 2005.
As a result, The PMA Insurance Group is
notifying our clients who have workers' compensation, property, general
liability, excess liability, umbrella, inland marine and/or crime
policies with us. The notifications simply provide disclosure of the
changes that may occur to your PMA policy as a result of TRIPRA. The
updates contained in the materials are based upon information that PMA
received from the U.S. Department of Treasury, the NAIC, NCCI, ISO, PCI,
and various state insurance departments.
PMA is issuing appropriate notifications to
new and renewing clients going forward. However, because insurance
carriers prepare for renewal of insurance policies months in advance of
their effective dates, policies renewing on or soon after January 1,
2008, did not include a disclosure statement summarizing policy changes
resulting from the enactment of TRIPRA. Those clients will receive a
disclosure in the form of a Policy-holder Notice of the TRIPRA
provisions that may affect their policy. They will also receive a copy
of the policy endorsement that correctly reflects any previous election
to accept or reject coverage for the peril of terrorism. These documents
could not be provided until the Act was signed into law and the
disclosure documents were both drafted and approved by the jurisdiction
having authority.
Should you have any questions or concerns
regarding TRIPRA, or your policy, please contact your PMA representative
or local PMA branch vice president.
|