Bemutatkozik:
Az Ön új prezentációs asszisztense.
Minden eddiginél gyorsabban finomíthatja, fejlesztheti és szabhatja testre tartalmait, találhat releváns képeket, illetve szerkesztheti vizuális elemeit.
Népszerű keresések
An eligible insurer is any entity or affiliate that:
Commercial, plus war coverage for workers’ compensation; excludes reinsurance. Secretary of the Treasury has discretion to add group life insurance and other personal lines.
1) Is a recipient of direct earned premiums for any type of commercial property and casualty insurance coverage
2) Is licensed to provide insurance in any state, approved for the purpose of offering property and casualty insurance by a federal agency in connection with maritime, energy, or aviation activity, or is a state residual market insurance entity or state workers’ compensation fund
3) And meets any other criteria that the Secretary may reasonably prescribe
4 Key Characteristics:
For the first two years, insurers must offer terrorism insurance in all commercial policies. Coverage must be available on terms identical to terms, amounts, and other coverage limitations applicable to losses incurred from events other than acts of terrorism.
Before the September 11, 2001 attack:
1 Sept. 11, 2001
U.S. Hijacked airliners crash into World Trade Center and Pentagon $24,721
2 April 24, 1993
U.K Bomb explodes near NatWest tower in the financial district $1,193
3 July 24, 2001
Sri Lanka Rebels destroy 3 airliners, 8 military aircraft and heavily damage 3 civilian aircraft $525
4 Nov. 26 2008
India Attack on two hotels; Jewish center $111
5 Dec. 30 2006
Spain Bomb explodes in car garage at Barajas Airport $76
6 July 7 2005
U.K. Bomb explodes on board of a PanAm Boeing 747 $74
– The attack resulted in insured losses of nearly $40 billion total including property, liability and life insurance claims.
– Property losses which included businesses interruption was approximately $25 billion
– Insurance industry paid for about 51% of the $40 billion claims, government programs made up 42% and charities provided 7%
– This event led to the creation of a government backstop to assist in losses arising from terrorist attacks. (TRIA)
– Silverstein won the trial against insurers for $4.5billion on the grounds that there were two separate occurrences (two planes striking at different times)
– The locations targeted were: Chhatrapati Shivaji Terminus railway station, Leopold Café, Taj Mahal Palace & Tower Hotel, Oberoi Trident Hotel, Metro Cinema, Cama and Albless Hospital and Nariman House.
– The direct and indirect property losses were approximately $111million. The proximate cause were explosions from terrorist bombings.
– Terrorism coverage is an additional coverage provided under property insurance policies by an endorsement (Optional)
– Capacity is provided by the Indian Market Terrorism Risk Insurance Pool (IMTRP)
– Facultative Reinsurance Support
Loss = $30 billion (much like 9/11)
Insurer Earned premiums 2003: $200 billion
10% or .10 x $200 billion = $20 billion
$20 billion is Insurers responsibility to loss
$10 billion is Feds responsibility to loss
– A series of bombings on London’s transit system.
– Property losses are approximately $74million
– The losses incurred by Transport for London (TfL) where indemnified by its parent company London Underground (captive-self-insurance)
– Claims would not be paid out by the U.K. terrorism backstop PoolRE
– Surrounding buildings and businesses had claims on their policies for Property, Business Interruption, and Ordinance or Law which were not indemnified by PoolRe because the members of PoolRe must share in the retention $132 million for one event or $265 million for the year before PoolRe comes into play