Original Filings for TRIA

Terrorism Insurance Resource Center



ISO is providing coverage and pricing tools to help insurers respond to the Terrorism Risk Insurance Act of 2002, which became law on November 26, 2002.

Forms and Policywriting Rules

ISO has filed—on behalf of companies that have authorized us to do so—commercial lines policy forms for use in existing, new, and renewal policies. We have filed the forms in two sets:

  • Forms related solely to losses from "certified acts of terrorism" are, under a provision of the federal law, exempt from prior approval and otherwise applicable state waiting periods and are effective immediately.
  • Forms that provide or exclude coverage for various acts of terrorism falling outside the federal law's definition of terrorism will become effective in accordance with normal filing and approval procedures in each jurisdiction.

We have also filed complementary policywriting rules, in two sets. And we have developed sample disclosure notices for insurer use, as the act requires. We have submitted the disclosure notices to regulators for information.

Rating Information

ISO has also filed—for use by participating insurers—advisory loss costs and/or rating factors, for losses from "certified acts of terrorism." The information incorporates output from the recently released AIR Terrorism Loss Estimation Model, developed by ISO's subsidiary AIR Worldwide Corporation, as well as other information developed by ISO.

Status of the Filings

Follow the links for information on the status of the filings:

Highlights of the legislation

TRIA creates a federal backstop for insured losses caused by acts of international terrorism certified by the Secretary of the Treasury. The law:

  • Requires participation by property/casualty insurers writing commercial lines policies
  • Requires all such insurers to make available terrorism coverage as provided in the act and to send disclosure notices about the act to policyholders
  • Voids existing terrorism exclusions on policies in force—to the extent that those provisions would exclude losses insured under the act
  • Requires participating insurers to retain some terrorism losses through both a deductible and coinsurance

The deductible will vary by company and by year. The coinsurance will be 10 percent of losses exceeding the deductible.

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