PCS expands services
ISO's Property Claim Services (PCS) unit has expanded its services to include loss estimates for potential catastrophic terrorism losses. PCS today announced it will assign catastrophe serial numbers to potential terrorism events likely to have caused at least $5m in insured losses anywhere in the US, Puerto Rico and the US Virgin islands.
PCS selected a $5m threshold for potential terrorism catastrophes to coincide with the amount specified by the federal Terrorism Risk Insurance Act (TRIA)."Historically, PCS defines a catastrophe as
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