What it does
CG 21 80 01 15 is Certified Acts Of Terrorism Aggregate Limit; Cap On Losses From Certified Acts Of Terrorism. Certified terrorism losses are subject to a scheduled aggregate limit as well as the TRIA program cap.
Who needs it
All commercial accounts. Larger urban, hospitality, venue, healthcare and infrastructure risks pay the most attention to terrorism terms.
Key provisions and limits
- CG 21 82 carries the same title.
- A "certified act of terrorism" is an act certified by the Secretary of the Treasury under the federal Terrorism Risk Insurance Act; the criteria in the ISO forms include insured losses over $5 million in the aggregate and a violent act committed to coerce the U.S. civilian population or influence U.S. government policy.
Quoting and selling notes
- Under TRIA, insurers must offer certified terrorism coverage; the insured can accept or reject it. Keep the signed offer and rejection forms (IL series) with the file.
- Check the terrorism aggregate against the client's limits and contract requirements.
