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Earthquake.

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Presentation on theme: "Earthquake."— Presentation transcript:

1 Earthquake

2 Defined A sudden movement of the earth’s crust caused by the release of stress accumulated along geologic faults or by volcanic activity. A sudden release of energy in the earth’s crust or upper mantle, usually caused by movement along a fault plane or by volcanic activity...

3 Defined A series of vibrations induced in the earth’s crust by the abrupt rupture and rebound of rocks in which elastic strain has been slowly accumulating. A sudden movement of the Earth’s lithosphere (it’s crust and upper mantle)... -thefreedictionary.com

4 Measuring Intensity Magnitude Earthquake Effects
Estimated Number Each Year 2.5 or less Usually not felt, but can be recorded by seismograph. 900,000 2.5 to 5.4 Often felt, but only causes minor damage. 30,000 5.5 to 6.0 Slight damage to buildings and other structures. 500 6.1 to 6.9 May cause a lot of damage in very populated areas. 100 7.0 to 7.9 Major earthquake. Serious damage. 20 8.0 or greater Great earthquake. Can totally destroy communities near the epicenter. One every 5 to 10 years

5 Earthquake Frequency

6 Earthquake Severity

7 Shaky Places To Live

8 ALASKA

9 HAWAI’I

10 SAN FRANCISCO

11 NEW MADRID

12 VOLCANO

13 Emerging / Other Areas

14 Oklahoma November 5, 2011 – 5.6 magnitude Shawnee / Sparks 2 injured
14 homes destroyed Highway 62 buckled

15 Why Do We Care? Property policies don’t cover earth movement!!!
Commercial Property Exclusions Homeowner’s Exclusions

16 ISO 2012 Commercial Property Policy

17 Commercial Property Exclusions
Earthquake and related events

18 Commercial Property Exclusions
Earthquake and related events Landslide

19 Commercial Property Exclusions
Earthquake and related events Landslide Mine subsidence

20 Commercial Property Exclusions
Sinking, rising or shifting

21 Commercial Property Exclusions
Sinking, rising or shifting Ensuing fire or explosion IS covered

22 2011 ISO Homeowners Policy

23 Homeowner’s Exclusions
Earthquake and related events

24 Homeowner’s Exclusions
Earthquake and related events Landslide, mudslide, and mudflow

25 Homeowner’s Exclusions
Earthquake and related events Landslide, mudslide, and mudflow Subsidence or sinkhole

26 Homeowner’s Exclusions
Anything else we forgot

27 Homeowner’s Exclusions
Anything else we forgot Concurrent causation exclusion

28 Homeowner’s Exclusions
Anything else we forgot Concurrent causation exclusion Ensuing loss by fire, explosion, or theft IS covered

29 Underwriting Concerns
Brick or concrete built before 1940 Loss assessment coverage unless the master policy covers it Magnitude 5.0 Veneer coverage Location, location, location

30 Deductibles Commonly MUCH higher than the property deductible for other losses. Percentage of value, not loss Commercial deductibles can apply per building or per item

31 Commercial Property Endorsement

32 Commercial Property Endorsement
Earthquake

33 Commercial Property Endorsement
Earthquake Volcanic eruption

34 Commercial Property Endorsement
Earthquake Volcanic eruption 168 hour period (7 days)

35 Commercial Property Endorsement
Sprinkler leakage from earthquake

36 Commercial Property Endorsement
Sprinkler leakage from earthquake Sprinkler leakage from volcanic eruption

37 Commercial Property Endorsement
Sprinkler leakage from earthquake Sprinkler leakage from volcanic eruption Policy expiration does not reduce the 168 hour period

38 Provisions Earth movement exclusion does not apply to earthquake

39 Provisions Earth movement exclusion does not apply to earthquake
Collapse is covered for earthquake and volcanic eruption

40 Deductible Issues Deductible applies per item, not per loss

41 Deductible Issues Deductible applies per item, not per loss
Policy valuation provisions apply

42 Deductible Issues Specific insurance for reporting form
Blanket insurance Builder’s risk

43 Homeowner’s Endorsement

44 Homeowner’s Endorsement
Earthquake

45 Homeowner’s Endorsement
Earthquake Volcanic eruption

46 Homeowner’s Endorsement
Earthquake Volcanic eruption 72 hour period (3 days)

47 Homeowner’s Endorsement
Earthquake Volcanic eruption 72 hour period (3 days) Does not increase limits

48 Typical Limitations

49 Typical Limitations No other structures coverage

50 Typical Limitations No Coverage B Percentage Deductible

51 Typical Limitations No Coverage B Percentage Deductible
ACV loss settlement

52 Typical Limitations No Coverage B Percentage Deductible
ACV loss settlement Exterior masonry veneer inclusion or exclusion

53 Exclusions

54 Exclusions Flood

55 Exclusions Flood Filling land

56 Concurrent Causation Flood Filling land Tidal wave and Tsunami

57 Points To Remember The Earth Movement exclusion is not deleted. WE ONLY GIVE BACK EARTHQUAKE!!! Loss Assessment Other concurrent loss issues...

58 Points To Remember Sinkhole collapse is STILL not covered by the homeowner’s form Theft IS a covered ensuing loss on the homeowner’s form Coinsurance issues Alternate form issues

59 Earthquake

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