BULLETIN
September 30, 2019
New Process for Offering Terrorism Coverage on Commercial Renewal Policies – Eff. 1-1-2020
We’ve heard your feedback, and we’re pleased to announce that Western National will be streamlining its process for offering Terrorism Insurance Coverage on commercial renewal policies, effective January 1, 2020. This updated process will save you time by resulting in fewer endorsements and follow-up communications with your commercial clients about the selection or rejection of Terrorism Insurance Coverage.
Starting with January 1 and after effective dates, commercial renewal polices will include a Policyholder Disclosure Notice that will indicate the policyholder’s Terrorism Insurance Coverage selection on the expiring policy. The notice will identify the selection (with or without Terrorism Insurance Coverage) and disclose the premium amounts for terrorism coverage.
If there is no change to the Terrorism Insurance Coverage selection at renewal, there will be no additional signatures or paperwork needed. If your client decides to change their selection at renewal, Western National will amend the policy to include the coverage or require a signature to reject the offer.
You can view a sample of the updated forms by clicking on the links below. The updated text is highlighted on these samples for your reference.
- WN IL 104 01 20 – Policyholder Disclosure without Terrorism Insurance Coverage elected
- WN IL 105 01 20 – Policyholder Disclosure with Terrorism Insurance Coverage elected
We’re excited to implement this new process and for the ways it will enhance the ease of doing business with Western National. If you have any questions, please contact your Commercial Lines Underwriter or Underwriting Associate.
