Hearing on earthquake insurance issues
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Hearing on earthquake insurance issues California Legislature joint hearing of the Senate Insurance and Judiciary Committees by California. Legislature. Senate. Committee on Insurance.

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Published by Senate Publications in Sacramento, CA (1020 N Street, Room B-53, Sacramento 95814) .
Written in English

Subjects:

Places:

  • California.

Subjects:

  • Insurance, Earthquake -- California

Book details:

Edition Notes

Other titlesCalifornia Legislature joint hearing of the Senate Insurance and Judiciary Committees, Joint hearing of the Senate Insurance and Judiciary Committees, Earthquake insurance issues
Statementconsultant Mark Rakich.
ContributionsRakich, Mark., California. Legislature. Senate. Committee on Judiciary.
Classifications
LC ClassificationsKFC10.3 .I55 1995
The Physical Object
Pagination2, 6, 107 p. ;
Number of Pages107
ID Numbers
Open LibraryOL632127M
LC Control Number96620093

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New York / London, , FREEMAN, John Ripley. Earthquake Damage and Earthquake Insurance: Studiesof a Rational Basis for Earthquake Insurance, also studies of Engineering Data for Earthquake-Resisting Construction. First Edition. New York / London: McGraw-Hill Book Co., OKLAHOMA CITY – Oklahoma Insurance Commissioner John D. Doak has ordered a public hearing to investigate a rise in earthquake insurance rates. The May 24 hearing will include data gathered by the Oklahoma Insurance Department as well as comments from insurers and citizens. “This is a proactive move to protect consumers,” said Doak. Before purchasing earthquake insurance, first determine your particular level of risk, knowing that fault lines aren’t necessarily the only places where earthquakes can occur. As for specific coverage, earthquake insurance typically pays for cracked walls, foundations, and ceilings.   Washington—Senators Dianne Feinstein (D-Calif.) and Barbara Boxer (D-Calif.) today urged the Senate Banking, Housing and Urban Affairs Committee to hold a hearing on the Earthquake Insurance Affordability Act, in response to the recent Napa earthquake. “We are deeply disturbed that less than five percent of homeowners and businesses affected by this disaster have earthquake insurance.

Those for earthquake insurance are higher; the CEA offers plans that range from 5 to 25 percent of the policy limit. (People who live in hurricane-prone areas may have similarly high deductibles.   The Insurance Information Institute has an excellent article which outlines the actual risks in each of the regions of the United States that can be complementary to your search for the pros and cons of earthquake insurance. The site can inform you about the insurance risks in your specific area, whether it be Central, Eastern, or the Western United States. Many B.C. homeowners assume that earthquake coverage is included in their house insurance, or that governments will compensate them for damage, but neither is the case.   It had outstanding Christchurch earthquake claims on its books as of December, all for re-repairs to previous insurance work. The agency has dealt with over , residential building.

So for earthquake insurance, the original contract is written very narrowly — to exclude absolutely everything except earthquake damage. Then local problems are added as riders.   A community group is calling for changes to the court system that manages earthquake insurance cases, claiming it is overburdened, under-resourced and prohibitively expensive. British Columbia has the highest earthquake risk in Canada. In fact, several thousand small earthquakes are recorded in B.C. every year. A much smaller number are big enough to be felt and over the last 10 years there has been an average of one larger earthquake of at least magnitude 6 per year. Comments will be strictly limited to the issues of competition and pricing in the earthquake insurance market. The hearing is not a forum to discuss complaints about claim denials or manmade.