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Arrowhead General Insurance Agency Inc., a subsidiary of Daytona Beach, Florida-based Brown & Brown Inc., on Wednesday launched a California commercial earthquake coverage for business interruption that triggers when a business closes due to an earthquake even if no property damage occurs.
Underwritten by specialty insurer Falls Lake National Insurance Co., a subsidiary of James River Group Holdings Ltd., the Quake Assist program offers business interruption coverage to protect California business owners against loss of income and expenses due to an earthquake, Arrowhead said in a statement.
Unlike other commercial earthquake policies, this coverage triggers upon “business closure” after an earthquake, even if no damage occurs to the insured’s building and/or business property, the company statement said.
Customers can purchase a daily limit of coverage up to 90 days subject to an annual aggregate limit of $1 million, a spokesman said. Coverage applies in the event of an earthquake of magnitude 4.0 or greater occurring within 100 miles of the property location, the spokesman said.
Munich Reinsurance Co. warned that earthquake insurance coverage for commercial properties in New Zealand could disappear due to the country's heightened seismic risk, Stuff.co.nz reported. There was a danger investors would stop funding reinsurers because "the level of risk is too high for the return," which would limit the amount of coverage available for quake damage, said Scott Hawkins, general manager, nonlife at Munich Reinsurance Co. of Australasia Ltd.