ARPC wishes to advise that the Treasurer has announced the following incident as a declared terrorist incident for the purposes of the Terrorism Insurance Act 2003 (TI Act), with no reduction percentage. This announcement was made on Thursday 15 January 2015.
|Date||Incident Code||Reduction Percentage|
|Lindt Café, Martin Place, Sydney||15 December 2014||141||
* A copy of the government’s official notice is available at http://jbh.ministers.treasury.gov.au/media-release/001-2015/ .
It is the responsibility of the reinsured to assess, adjust and pay any claims on eligible policies in accordance with the original policy terms and conditions.
ARPC is not aware of any insurance losses that might exceed insurer retentions under their agreements with ARPC. However, insurers should be aware that under the TI Act terrorism exclusions in policies cannot be applied.
The reinsurance agreement obliges the reinsured to advise ARPC as soon as possible of any circumstances likely to give rise to a claim together with an estimate of ARPC’s liability and thereafter keep ARPC fully informed of any developments regarding the claim.
Please submit loss and claims paid data to ARPC by logging into RISE at https://rise.arpc.gov.au and inputting all requested loss estimates and paid claims data into the relevant input areas. We ask insurers to report this data to ARPC in order for us to continue to advise the government of losses and claims relating to this declared terrorist incident.