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Statement Re: Exclusions of Terrorism Coverage

2/5/2002

CONTACT: Tami Torres
(850) 413-2842



"At this time, Congress has not created a federal backstop and we don't know when and if it will. In the interim, businesses have still been able to obtain primary coverage for property even though reinsurance has not been as readily available as in the past.
In Florida, it appears that the crisis expected following the renewal of reinsurance contracts on Jan. 1 has not yet developed to the extent initially anticipated.
At this time, the Department does not intend to approve exclusions of terrorism unless market conditions deteriorate and require further consideration by the Department."