20. Commitments and Contingencies Insurance We maintain general liability insurance with limits of $ 300,000,000 per occurrence and all risk property and rental value insurance with limits of $ 2.0 billion per occurrence, with sub-limits for certain perils such as floods. Our California properties have earthquake insurance with coverage of $ 180,000,000 per occurrence, subject to a deductible in the amount of 5 % of the value of the affected property, up to a $ 180,000,000 annual aggregate. We maintain coverage for terrorism acts with limits of $ 4.0 billion per occurrence and in the aggregate , including terrorism involving nuclear, biological, chemical and radiological ( NBCR ) terrorism events, as defined by the Terrorism Risk Insurance Program Reauthorization Act , which expires in December 2014. Penn Plaza Insurance Company, LLC ( PPIC ), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for coverage for NBCR acts . Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the f ederal government with no direct exposure to PPIC. For NBCR acts, PPIC is responsible for a deductible of $ 2 , 15 0,000 and 15 % of the balance of a covered loss and the f ederal government is responsible for the remaining 85 % of a covered loss. We are ultimately responsible for any loss incurred by PPIC. We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. Our debt instruments, consisting of mortgage loans secured by our properties which are non-recourse to us, senior unsecured notes and revolving credit agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance coverage for purpose