The American Association of Insurance Services (AAIS) has released a series of new policy forms, endorsements, and corresponding schedules for covering public or private infrastructure facilities.
The forms were recently released under the miscellaneous forms section of the AAIS Inland Marine Guide, an industry resource of forms, rating, and underwriting guidelines for the traditionally nonfiled classes of inland marine insurance.
The Guide is developed and maintained by AAIS, which develops policy forms and rating information used by more than 700 property/casualty insurers throughout the U.S.
The Guide’s latest base form, Infrastructure Property Coverage, covers the physical structures and equipment of an interrelated system that provides public or private service such as roads, water supply, electrical grids, or telecommunications. An accompanying schedule can be used to indicate and describe the covered infrastructure, and to indicate policy income coverage options, limits, deductibles, waiting periods, valuation, and coinsurance.
According to Robert Guevara, AAIS vice president of inland marine and the principal developer of the Inland Marine Guide, the new forms are designed to address property coverage needs of infrastructure facilities that are distinct from those addressed by standard commercial property forms.
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