Endorsements

• Insurance

Earthquake Endorsement

What you need to know and why it is so important

What the endorsemnt entails

RMS(Risk Meter Report) Report

Deductibles* Earthquake has its own deductible vary by state

Aftershocks

Loss Assessment

Risk Meter Report (RMS Report)

History of a given fault line

Soil Types

Distance to fault lines

Liquefaction factor (Land that acts like water during an Earthquake)

Deductibles

These vary by state however we will examine CA

15% of dwelling limit (Min ded is $250)

*Losses are covered at Actual Cash Value instead of Replacement cost

Example: 350K house the deductible would be 52,500

What is covered?

Dwelling (Up to Dewlling Limit)

Personal Protery $5000

Additional Living Expenses $1500

*Personal Property and Additional Lving Expense coverage is not available until the covered dwelling loss has reached at least 15%*

Aftershocks

Covers land shock waves or tremors before, during, or after a volcanic eruption

*We define a single loss as one or more earthquake shocks within 72 hours.*

Wind/Hail Roof Damage

This endorsement would cover the roof surface caused by wind or hail from replacement cost to actual cash value

Replacement vs Actual Cash Value

We would repair the roof or cut a check for actual cash value depending on the age of the roof and/or the type of roof

*Note the deductible would apply to this*

Have you been paying attention?
What is the percent of deductible Earthquake coverage in CA?

1. 10
2. 20
3. 15
4. 25

Would we cover replacement cost or actual cash value in the event of an earthquake loss?

1. Actual Cash Value
2. Replacement Cost

Without the Hail and Wind Endorsement would be cover a loss to the roof?

1. Yes
2. No

What determines if it is replacement cost or actual cash value?

1. What the client chooses
2. Age of the roof/materials
3. What we want to do
4. What the Insurance Commissioner says

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