URS_Addendum Terrorism Rate Computation At Location Level

Question 1

What is the purpose of this CR URS_Addendum Terrorism Rate Computation At Location Level?

Answer 1

1) A new check box is introduced called “Terrorism Business Interruption”.
2) Checkbox introduced at location level.
3) Checkbox drives whether FLOP/BI SI is included in SI considered for calculating Terrorism premium.
4) if checked then, included, if not, then not.

Question 2

Product scope for this CR URS_Addendum Terrorism Rate Computation At Location Level?

Answer 2

Shop
Office
EPP
IAR

Question 3

What are the other points considered in this CR URS_Addendum Terrorism Rate Computation At Location Level?

Answer 3

1) Since this is a logic change in an existing product, impact on existing policies is considered.
2) Impact on Endorsements is also considered.
3) Impact on renewal and renewal notice generation is also considered.

Question 4

What is the impact on endorsements of URS_Addendum Terrorism Rate Computation At Location Level?

Answer 4

1) If terrorism cover inclusion endorsement is passed on existing policies then new logic will apply.
2) No impact on other endorsements.