November 14, 2001 by Canadian Underwriter
Approximately 600 insurers represented by the American Association of Insurance Services (AAIS) have begun filing endorsements excluding terrorism cover from commercial policies. AAIS president Paul Baiocchi says the filings are being made countrywide as an immediate step in reaction to an anticipated broad withdrawal of reinsurance cover as from the beginning of next year. "These filings do not reflect any determination on the broader question of whether and how exposure to terrorism can be insured. AAIS will continue to consider that question along with the rest of the insurance industry, but short-term action is needed to address January 1 reinsurance renewals."