Terrorism Insurance Scheme amendments5/24/2017 4:43:10 AM
Have you heard about the recent changes to Australia's Terrorism Insurance Scheme?
Recommended changes to the scheme that were submitted by the 2015 Triennial Review by Treasury have now been approved and are effective from 1 July 2017.
The changes will:
- broaden the definition of eligible property to include buildings with a floor space of at least 20% used for commercial purposes or which have a building sum insured of at least $50 million, whether used for commercial or other purposes (effective on contracts of insurance issued or renewed for July 1); and
- amend the Terrorism Insurance Act 2003 to extend the definition of a terrorism exclusion or exception in an eligible insurance contract to include acts described as "chemical", "biological", "polluting", "contaminating", "pathogenic", poisoning" or words of similar effect.
Further details can be found on the Australian Reinsurance Pool Corporation (ARPC) website at http://arpc.gov.au/2017/04/04/terrorism-insurance-scheme-amendments-approved/