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Australia extends coverage of terrorism insurance program


Australia has approved changes to extend its Terrorism Insurance Scheme to cover more commercial properties as well as chemical and biological attacks, Asia Insurance Review reported. The changes, effective from July 1, broaden the scheme's coverage to include buildings in which at least 20% of floor space is used for commercial purposes or which have a sum insured of at least $37.5 million. The country's Terrorism Insurance Act 2003 will be amended to include acts described as chemical, biological, polluting, contaminating, pathogenic, poisoning, or words of similar effect.

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