12 th Annual ACI-NA Insurance & Risk Management Conference

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1 12 th Annual ACI-NA Insurance & Risk Management Conference General Session 8 - Terrorism How Does Aviation Liability Insurance Respond to Terrorism? Stephen P. Dinsdale

2 Any opinions or positions expressed in this presentation are the presenter s own or those held by ACI-NA Insurance and Risk Management Committee and not those of any ACE company. The information, material and descriptions contained herein are intended only as a general overview of certain types of insurance or insurance-related services. The description(s) of insurance coverages, policies or services herein shall not amend, modify, replace, alter, or otherwise changes the terms, conditions, limits, provisions, exclusions or endorsements contained in any policy issued by the insurance companies of. Please consult your insurance professional and/or policy for precise terms, limits, exclusions and conditions. The description(s) and material(s) contained herein shall not provide a basis for a legal relationship between and any potential or existing customer and gives no cause to anyone for claims, demands, assertions or other rights towards or the insurance companies of, either on a contractual or on a non-contractual basis. The material(s), descriptions of insurance coverage(s) and/or program(s) and/or the information provided herein shall bestow no rights or obligations upon or any customer or potential customer and shall not be distributed by anyone for any commercial or non-commercial use, purpose or intention without the express written permission of. 2

3 How does Aviation Liability Insurance Respond to Terrorism? Most Aviation Insurers and Reinsurers provide Terrorism Coverage, either as required by the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) or under Extended Coverage Endorsements (EC Endorsements) Most Aviation Insurers and Reinsurers do not provide Terrorism Coverage arising out of Nuclear, Biological or Chemical (NCB) Weapons of Terrorism Policies contain Nuclear Risk and Pollution and Contamination Exclusions, which remain paramount 3

4 Principal Differences Between Terrorism Coverage Under TRIPRA vs. EC For Most Aviation Liability Insurance Policies TRIPRA Endorsement Applies only to CERTIFIED ACTS Limits Insurer and Federal Payments combined to US$100 Billion Annual Aggregate for all Insured Losses (not just Aviation Liability Losses), subject to Program trigger of US$100 Million Federal Government assumes an 85% share in Terrorism Losses above Insurer s Annual Deductible (currently 20% of Direct Earned Premium Includes Recoupment Provisions 4

5 Principal Differences Between Terrorism Coverage Under TRIPRA vs. EC For Most Aviation Liability Insurance Policies EC Endorsement Applies to both CERTIFIED ACTS and NON CERTIFIED ACTS Includes many other Perils in addition to Terrorism Limits Coverage to Annual Aggregate Limit (current Maximum Limit available US$150 Million) Separate stand alone coverage is available for higher limits up to US$750 Million; at times higher if required 5

6 How does Aviation Liability Insurance Respond to Terrorism? Contains certain Automatic Termination Provisions, for example: 6 Upon the outbreak of War (whether there be a Declaration of War or not) between any two or more of the following States, namely: France, the People s Republic of China, the Russian Federation, the United Kingdom, the United States of America; the following Coverages terminate automatically upon the hostile detonation of any weapon of War employing Atomic or Nuclear Fission and/or Fusion or other like reaction or Radioactive Force or matter wheresoever or whensoever such Detonation may occur; War, Invasion, Acts of Foreign Enemies, Hostilities, Civil War, Rebellion, Revolution, Insurrection, Martial Law, Military or Usurped Power or attempts at Usurpation of Power. a4

7 Slide 6 a4 What are the capitalized terms tied to? acejrw, 1/10/2011

8 How does Aviation Liability Insurance Respond to Terrorism? Review and Cancellation Allows Insurers to review Premium and/or Geographical Limits with 7 Days Notice Allows Insurers to cancel one or more parts of the EC Endorsement with 48 Hours Notice following a Hostile Detonation as described above Allows Insurers to cancel the EC Endorsements at any time with 7 Days Notice 7

9 How does Aviation Liability Insurance Respond to Terrorism? Summary Of Differences Between TRIPRA And EC Endorsements TRIPRA Applies only to CERTIFIED ACTS OF TERRORISM ; Does not limit Coverage under insurance policy to Aggregate Amount, but policy limits still apply However, does reflect TRIPA industry-wide Annual Aggregate Limit for all CERTIFIED ACTS of US$100 Billion Does not contain different Cancellation Provisions so Policy Cancellation and Non Renewal Provisions apply a10 8

10 Slide 8 a10 But the limits still apply - including applicable aggregates. acejrw, 1/10/2011

11 TRIPRA Definition of CERTIFIED ACTS OF TERRORISM A. CERTIFICATION The term act of terrorism means any act that is certified by the Secretary, in concurrence with the Secretary of State, and the Attorney General of the United States (i) to be an act of terrorism; (ii) to be a violent act or an act that is dangerous to - (I) human life; (II) property; or (III) infrastructure; (iii) to have resulted in damage within the United States, or outside of the United States in the case of (I) an air carrier or vessel described in paragraph (5)(B); or (II) the premises of a United States mission; and (iv) to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion 9 B. LIMITATION No act shall be certified by the Secretary as an act of terrorism if (i) the act is committed as part of the course of a war declared by the Congress, except that this clause shall not apply with respect to any coverage for workers compensation; or (ii) property and casualty insurance losses resulting from the act, in the aggregate, do not exceed $5,000,000.

12 How does Aviation Liability Insurance Respond to Terrorism? EC Endorsements: Limits Coverage to an Annual Aggregate Limit Covers other perils in addition to Terrorism Covers CERTIFIED ACTS OF TERRORISM, as well as non certified acts (NCB still excluded) Contains Automatic Termination, Cancellation and Review Provisions 10

13 How does Aviation Liability Insurance Respond to Terrorism? EC Endorsements: Samples of ACE INSURANCE COMPANY Standard War, Hi-Jacking and Other Perils Exclusion Clause, and an EC Endorsement. Certain States have different clauses as required by the applicable regulator. War Exclusion Clause AAP 203 (02-08) 11

14 How does Aviation Liability Insurance Respond to Terrorism? Neither TRIPRA NOR EC Endorsements Generally Include Any Form Of NCB Terrorism Coverage NCB Coverage For Terrorism: Two Bermuda-based Insurers offer certain NCB Coverage for Terrorism, normally as an adjunct to the Coverage provided by EC Endorsements: CATLIN, Bermuda US$50 Million HISCOX, Bermuda US$25 Million 12

15 Thank You QUESTIONS 13

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