Specialty property earthquake insurance program launchedReprints
All Risks Ltd. has introduced a new specialty property earthquake program with an A.M. Best Co. Inc. A-rated insurer.
All Risks’ in-house binding authority for the product’s primary limits and full value business is $16 million, and the maximum insurable value is $100 million, the Hunt Valley, Maryland-based brokerage said Thursday in a statement.
The program provides difference-in-conditions insurance including earthquake, earthquake sprinkler leakage and flood to commercial entities. Eligible classes include apartments, homeowners associations, hotels, motels, retail shops, office buildings, light manufacturing facilities and restaurants, according to the statement.
The program is available in Alaska, Arizona, California, Hawaii, Nevada, Oregon, Utah and Washington, as well as the New Madrid Area states of Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri, Ohio and Tennessee, All Risks said.
The product’s minimum age requirements for construction types vary by state. Earlier construction may be accepted with evidence of sufficient earthquake retrofit construction or adequate bolting to the foundation.
“Owner out-of-pocket expenses will be reduced with deductibles as low as 5% in CRESTA (Catastrophe Risk Evaluation and Standardizing Target Accumulations) Zones A and B, and 2% in all other CRESTA Zones and states,” Jeff Hoffman, the program’s San Diego-based director, said in a statement.