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Terms to be agreed (TBA)

Indication on a slip that certain contract terms have to be finally agreed. Marine underwriters commonly accept the risk at a rate to be agreed although other aspects of the risks, e.g. commencement date, can be covered by the term. An alternative term ‘t.b.a. l/u’ means ‘to be agreed with the leading underwriter’.

Territorial limits

Geographical limits within which the insured event or loss must occur. Example: A public liability policy applies to occurrences within Great Britain, Northern Ireland, the Channel Islands or the Isle of Man plus temporary visits overseas for manual or non-manual work. Cover may be subject to a jurisdiction clause.
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The geographical limits within which an insurance is stated to operate.

Territorial rating

A method of classifying risks by geographic location to set a fair price for coverage. The location of the insured may have a considerable impact on the cost of losses. The chance of an accident or theft is much higher in an urban area than in a rural one, for example.

Territory

Geographical region in which an insurance agent has exclusive sales.
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Location where the policy coverage applies. May be restricted to the United States, its territories and possessions or could be worldwide. It depends on what exactly is being insured.

Terrorism

1. The Pool Re/HM Treasury definition for (re)insurance purposes is: ‘an act of any person acting on behalf of or in connection with any organisation which carries out activities directed towards the overthrowing or influencing of any government de jure or de facto by force or violence. 2. Terrorism Act 2000, s.1: an act of terrorism is any specified action, the use or threat of which is designed to influence any government or to intimidate the public in order to advance a political religious or ideological purpose. The specified actions are actions which: (a) involve serious violence against a person; (b) cause serious damage to property; (c) endanger a person’s life (other than the person committing the act); (d) create a serious risk to the health or safety of the public; or (e) are designed to interfere with or seriously disrupt an electronic system.
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The use of violence for political ends and includes any use of violence for the purpose of putting the public in fear.

Terrorism cover

From 2003, means: insurance, not exceeding 12 months in total and written as per the general cover to which it attaches, and otherwise in accordance with the Pool Re Underwriting Manual, to cover all losses subject to certain terms and conditions and excluded losses (war, including riot and cyberterrorism). The reinsurance cover is now ‘all risks’ (extended from fire and explosion) irrespective of the original policy perils. The direct insurer may still insert a terrorism exclusion limiting the scope of the cover obliging the insured to ‘buy back’ to the level offered by Pool Re. Insurers may now modify their definitions of terrorism. Previously insurers linked terrorism with acts for political, religious, ideological or similar purposes’. Pool Re’s definition links only to organisations seeking to overthrow governments. Cover offered by companies will come into line with that offered by Pool Re.

Terrorism endorsement

A provision attached to an insurance policy that restricts, excludes, or otherwise explains coverage for loss due to terrorist acts. The passage of the Terrorism Risk Insurance Act (TRIA) of 2002 voided all terrorism exclusion endorsements then in force on commercial property and casualty policies, to the extent that such exclusions eliminated coverage for certified acts of terrorism as covered by the federal program. It also led to the creation of many standard terrorism endorsements that provide for a wide range of terrorism coverage options from no terrorism coverage at all (permissible only when the insured rejects or fails to pay for TRIA terrorism coverage) to full coverage for both international and domestic terrorism, subject to the $100 billion program-year cap established in the Act.

Terrorism insurance

Insurance covering loss due to acts of terrorism. Unless endorsed to exclude loss due to terrorism, commercial insurance policies issued in the United States (for example, commercial property policies, commercial general liability (CGL) policies, and commercial auto policies) generally provide terrorism insurance coverage. Terrorism insurance also may be written on a stand-alone terrorism policy.