Monthly Archives: January 2015

TRIA Update

President Obama recently signed the reauthorization of TRIA. You’ve, more than likely been receiving a lot of information around this announcement. We see the main take-aways as:

  • Most insurance experts interpret the bill as retroactive, which means there should be no gap in the program’s coverage.

  • The U.S. Treasury Department will most likely issue some guidance regarding the reauthorization of TRIA, as they have done in the past. For prior reauthorizations, this guidance focused on disclosure notice obligations. So, get those disclosures signed!

NAPSLO-LegNews-Header

President Obama has signed H.R. 26, bringing the reauthorization of TRIA and the creation of NARAB to fruition as we first reported last week. NAPSLO continues to gather details and information on the impact of both the reauthorization of TRIA and implementation of NARAB. Below are a few things that we know at this time that are important for members to understand:

TRIA

  • NAPSLO, as well as other trade associations, continue to interpret the bill as retroactive, which means there should be no gap in the program’s coverage. We will continue to monitor for specific interpretation and provide updates as necessary.
  • We believe the U.S. Treasury Department will issue some guidance regarding the reauthorization of TRIA, as they have done so in the past. For prior reauthorizations, this guidance focused on disclosure notice obligations.
  • The NAIC is expected to issue a model bulletin, but it will focus on rate and form filings and use of the SERFF filing system.
  • A side-by-side analysis of the new TRIA program and the expired program is available on the NAPSLO website here.
  • We will continue to gather information and provide updates to you as appropriate.

NARAB

  • The language in NARAB calls for the President to appoint the governing Board within 90 days of enactment of the law and for the Board to meet within 45 days of being formed. The Board will be comprised of 13 members, appointed by the President and with the advice and consent of the Senate. We are hopeful it will be possible for the Board to be formed that quickly.
  • Although the Board may be appointed in near term, we still expect it to take up to one to two years before the first national license is issued. This time will be spent establishing rules, requirements and procedures, as well as establishing the licensing clearinghouse.
  • We will provide updated information and resources on the implementation as it develops and will be sure to represent our industry’s interests during the process.

Any members with questions about TRIA or NARAB should contact Keri Kish at keri@napslo.org.

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If It’s Fun, It’s Hard To Insure. Let UIG Help.

Every bowling center is unique. Some may be part of a larger family entertainment center, while some may be stand-alone. One may serve alcoholic beverages to customers, while another has a Pro Shop. Whatever the unique needs for your clients’ bowling center, UIG is here to make sure you’re able to offer the correct coverage at the best possible price.

Bowling

With more than 30 years of combined experience, Our A-rated partners understand and cater to sports and recreation facilities like non-other.

Key Coverage Areas:

General Liability

  • Comprehensive General Liability – primary limits up to $1M per occurrence / $3M aggregate.
  • Liquor Liability available as part of package or mono-line.
  • Special Events Liability.
  • Personal Injury Liability.
  • Coverage extended to game rooms.
  • Coverage provided for snack bars, restaurants and lounges.

Property

  • Small and large property limits.
  • Special form policy.
  • Comprehensive extension endorsement.
  • Business income with extra expense.
  • Replacement cost.
  • Money and Securities.
  • Employee Theft Coverage.
  • Debris Removal.
  • Ordinance or Law Coverage.

Let UIG do the work of identifying the best specialty insurance program for your clients. To get started, complete our Bowling Centers application and send with three years valued loss runs to info@uigusa.com.

To find out more about what UIG can do for you drop us a line at info@uigusa.com. Also feel free to connect with us on LinkedIn and join our Young Agent’s Group.

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U.S. Congress Adjourned In 2014 Without Reauthorizing the Terrorism Risk Insurance Act (TRIA)

That means, until Congress takes further action to reauthorize a federal terrorism program, most terrorism loss coverage offerings for U.S. policyholders either disappeared or become voluntary as of Jan. 1, 2015. As a result, some U.S. policyholders will be required to secure coverage for loss caused by acts of terrorism regardless of TRIA. The likelihood of terrorism loss exclusions and coverage limitations in policies may create the need for alternative means of terrorism loss coverage.

UIG’s Standalone Terrorism team is able to provide a viable solution to address your client’s terrorism coverage needs.

Here’s what you can expect:

  • Limits up to $100,000,000
  • Coverage for a period of up to 24 months (or 48 months for construction policies)
  • Standalone Terrorism covers acts committed for political, religious or ideological purposes and includes: Sabotage, Broader Bespoke coverage and low deductibles.

The coverage UIG is able to offer is broader than what has traditionally been provided by TRIA and will continue regardless of any further congressional decisions that may follow.

To find out more about what UIG can do for you, drop us a line at info@uigusa.com. Also feel free to connect with us on LinkedIn and join our Young Agent’s Group.

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