US Terrorism Risk Insurance Act 2002 (2)

28 January 2003 No.02-016
We refer to our circular No.02-013 of 22 November 2002 on this subject and our subsequent circulated letter to the Members dated 27 November 2002 enclosing a notice of coverage of US acts of terrorism and additional mutual premium.

In respect of this coverage during the period from 26 November 2002 when the Act came into effect to the expiration of the 2002 policy year ( 20 February 2003 ), we can report that :-

1.the majority of Members have returned us the copy of our circulated letters duly signed to confirm that they do not require the cover set out in the notice of coverage of US acts of terrorism, and
2.none of Members have paid the additional premium for the cover until the payment date of 27 December 2002.

We will notify you of the treatment of coverage of US acts of terrorism and the arrangement of the special War Risks P&I Cover for the 2003 policy year in due course.