IAIABC: Terror Act Benefits Carriers & Systems

The International Association of Industrial Accidents Boards and Commissions (IAIABC) says that the Federal Terrorism Act may be of benefit to workers' compensation carriers and systems. On November 26, 2002, President Bush signed into law immediate coverage of a special federal reinsurance fund. The Terrorism Risk Insurance Act of 2002 will have an immediate effect on all commercial property and liability policies by nullifying all terrorism exclusions attached to commercial policies. This includes workers' compensation surety and excess policies. Many regulators believe that terrorism...