Most of the policies in India have earthquake coverage as well as STFI (Storm, Tempest, Flood ,Inundation). as per the Fire POlicy, section 2, with both ‘earthquake’ & ‘flood’ as proximate cause, losses are payable. what is tricky is how much insurance penetration would be there in costal areas (most of them semi-urban…towards rural)
How much of this disaster will actually be covered by regular insurance policies? If earth movement and resulting flood are the proximate causes of losses, will most policies have exclusions and most of this disaster therefore be uninsured?
If this had happened to the U.S. East Coast, how much of the in-force property insurance would exclude this as quake and/or flood loss?
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Most of the policies in India have earthquake coverage as well as STFI (Storm, Tempest, Flood ,Inundation). as per the Fire POlicy, section 2, with both ‘earthquake’ & ‘flood’ as proximate cause, losses are payable. what is tricky is how much insurance penetration would be there in costal areas (most of them semi-urban…towards rural)
How much of this disaster will actually be covered by regular insurance policies? If earth movement and resulting flood are the proximate causes of losses, will most policies have exclusions and most of this disaster therefore be uninsured?
If this had happened to the U.S. East Coast, how much of the in-force property insurance would exclude this as quake and/or flood loss?