RMIN 5100S Chapter Notes - Chapter 10: Earthquake Insurance, Construction, Lightning

• School: University of Georgia
• Department: Risk Management and Insurance
• Course: RMIN 5100S
• Professor: Atkinson

Document Summary

Causes of loss basic and broad form exclusions. Concurrent causation doctrine: if 2 or more perils contribute to a loss at the same time and one of the causes is a covered cause of loss, the entire loss is covered by the policy. Some perils insurance companies do not want to pay for at any time, so these 8 perils will not be covered at any time regardless of whether they appear concurrently with a covered peril. Insured can also incur increased construction costs: building codes may require building reconstruction to include features not originally included (fire exits, complying systems, etc. ) Earthquake (including tremors & aftershocks or shifting) Earth sinking (other than sinkhole) or shifting soil conditions and disarrangement of foundations. If any of the four descriptions above result in fire or explosion, the resulting damage due to fire and explosion. If results in fire, will pay for fire damages.