HomeMy Public PortalAbout2017 Terrorism Risk Insurance Rejection MRA NOTICE - OFFER OF TERRORISM COVERAGE
(Required by Federal law)
NOTICE — DISCLOSURE OF ADDITIONAL PREMIUM
TO: ICRMP Member:
The Terrorism Risk Insurance Act, as extended on December 26, 2007 by the enactment of the
Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), is a U.S. Treasury
Department program under which the federal government would share, with regulated insurance
carriers, the risk of loss from terrorist attacks. The Act applies when the Secretary of the
Treasury, in concurrence with the Secretary of State and the Attorney General of the United
States, certifies that an event meets the definition of a"certified act of terrorism". Certified acts of
terrorism can also include foreign or domestic acts of terrorism, but they still must be certified as
such by the Federal officers listed above.
In accordance with the Terrorism Risk Insurance Act, as extended on December 26, 2007, we are
required to offer you coverage of all of the property we insure that your agency owns against any
"certified act of terrorism". Your public agency must decide whether you desire the coverage(for
an additional premium)or whether you choose to reject the offer of coverage and not pay the
premium. The choice belongs to the governing board.
If you choose to accept this offer of terrorism coverage, your premium will include the additional
premium for terrorism as stated in this disclosure. If you choose to reject this offer, you must do
so by signing the enclosed statement and returning it to your agent, Marty Koch
at (208)459-1678 or mail directly to ICRMP at P.O. Box 15249, Boise, Idaho, 83715.
If you reject coverage under the Act, the ICRMP policy provided to your public entity will provide
an alternative form of coverage of terrorism-related insurance. Rather than cover the entire value
of every item of property every public entity member of ICRMP might insure, the alternative form
of coverage will provide a fixed amount of coverage(50 million dollars)for the entire membership
of ICRMP during any single policy year. If terrorism-caused covered losses do not exceed 50
million dollars during any single policy year, such losses will be paid in full, subject to policy terms
and conditions. If total terrorism-caused losses exceed 50 million dollars in the current policy
year, such losses will be paid on a pro-rata basis among members suffering covered terrorism-
caused losses, in proportion to their covered losses expressed as a percentage of all covered
losses. Coverage under this alternative process shall not require certification by the Federal
officials pursuant to TRIPRA.
Named Insured: McCall Urban Renewal
DISCLOSURE OF PREMIUM
If you accept this offer, the premium for terrorism coverage is estimated to be an
additional amount of $5,000 over and above your proposed renewal Member
contribution based on reported total insured values of $0.
CONTINUED ON NEXT PAGE
For Policy Year Effective October 1, 2017
IF YOU WISH TO REJECT COVERAGE UNDER THE TERRORISM RISK
INSURANCE ACT, AS EXTENDED ON DECEMBER 26, 2007, THE NAMED
INSURED MUST APPROVE AND SIGN THE FOLLOWING STATEMENTS:
TERRORISM RISK INSURANCE ACT REJECTION OF FULL COVERAGE
We, as a Member of ICRMP, acknowledge that we have been notified as
required under the Terrorism Risk Insurance Act, as extended on December 26,
2007, that as respects to the above referenced policy of insurance policy
referenced above:
1. We have been offered coverage for acts of terrorism as defined in the Act;
2. We have been advised that if we accept coverage for acts of terrorism as
defined in the Act, the United States Government will participate in the payment
of terrorism losses insured under the Act, subject to the provisions of the Act;
3. We have been told that if we reject coverage under the Act by signing this
notice, to the extent allowed by law, we will have only our respective share of the
alternative coverage for any act of terrorism under the policy issued by ICRMP.
4. We have been notified of the annual premium for coverage for acts of
terrorism as defined in the Act.
5. We hereby reject coverage for acts of terrorism as defined in the Act and
understand my policy will contain an exclusion for acts of terrorism as defined by
TRIPRA, but will otherwise provide limited coverage concerning acts of terrorism
as addressed by the ICRMP policy issued annually to Members.
/24/20/7
Chief Executive/Admin':trative Officer Date
SICK 1-EA y
Print name Print public office held
McCall Urban Renewal
Public Entity Name
RETURN THIS FORM TO YOUR AGENT OR ICRMP. A COPY OF THIS DOCUMENT IS AS
BINDING AS THE ORIGINAL.
ATTENTION AGENT: THIS FORM MUST BE SIGNED PERSONALLY BY AN AUTHORIZED
OFFICER OF THE INSURED AND RETURNED TO ICRMP.
For Policy Year Effective October 1, 2017