Under changes recommended by the 2015 Triennial review of the Terrorism Insurance Scheme, the definition of eligible property has been extended to include buildings that have a floor space of at least 20% used for commercial purposes or that have a building sum insured (BSI) of at least $50 million, whether used for commercial or other purposes. This change was introduced for all eligible policies issued or renewed on or after 1 July 2017.
Legislation has also been amended to clarify that losses attributable to terrorist attacks using chemical or biological means are covered by the scheme. This change came into effect for all policies in force or renewed from 1 July 2017.
ARPC has received several questions from cedants on these changes and we have listed the main questions with our responses for your information: