✅ Does the date January 17, 1994 still ring a bell today, why?
How has the threat of a large, Northridge-type quake made Californians more favorable to EQI? | ||
What percentage of CA condo owners have EQI? | What percentage of CA HOA owners have EQI? | |
This question prompted the research and retention by TGMA of the former HARBRO Emergency Services & Restoration, recently merged with a company known as BluSky that provides commercial, industrial, governmental, residential, and multifamily restoration, renovation, environmental, and roofing services across the United States and Puerto Rico. With an emphasis on large projects, BluSky does not build things; but restores and rebuilds them. BluSky engaged employees bring experience and teamwork to anyone who owns or manages property, provides property insurance, or manages property insurance claims.
There are no guarantees of safety during earthquakes, but properly constructed and strengthened homes are far less likely to collapse or be damaged during earthquakes. The California Seismic Safety Commission advises on earthquake safety for new construction and retrofitting for older structures.
Despite the relative safety of new construction like the Cobblestone condos, earthquakes are indiscriminate about damage created.
Fact: Earthquake losses in California since 1971 total more than $55 billion and the 1994 Northridge quake caused over $12 billion in loses.
The reality of living in any dwelling in California with the level of geo-seisimic activity of the state, no one can remain oblivious to the likelihood of quakes, even severe earthquakes where none have occurred recently and where construction is up to seismic safety standards of the day.
Some current owners in Cobblestone are well assured by the assumed geo-seismic after of the condo structures even though the community has never been tested in this regard. Other are dubious of that safety. Still others would like more details.
27. Pro-rata or Installment Claims Payments. In accordance with California Insurance Code Section 10089.35, if, at any time, the available capital of the California Earthquake Authority is insufficient to meet anticipated losses and there are no additional funds from assessments, reinsurance, or private capital markets available to pay claims, the California Earthquake Authority may pay claims on a pro-rata basis from the remaining funds available, or claims may be paid on an installment basis, based on a plan approved by the California Insurance Commissioner. If this occurs, you may not be paid the full amount of your claim. If we submit a pro rata or installment plan to the Insurance Commissioner, deadlines in this policy that apply to our payment of your claim may, at our sole option, be extended by the length of time the Insurance Commissioner has the plan under consideration; the deadlines will be reinstated and recomputed no later than the date an approved plan is in place. Also, with respect to California Earthquake Authority claims payments, California Insurance Code section 10089.25, subdivision (d), reads as follows: "The State of California shall have no liability for payment of claims in excess of funds available pursuant to this chapter. The State of California, and any of the funds of the State of California, shall have no obligations whatsoever for payment of claims or costs arising from this act, except as specifically provided in this act."
ReplyDelete(ABOVE INSET) According to the typical EQI policy, as portrayed in this sample from the CEA ▶ http://bit.ly/3nEB94H ▶ CEA sets a limit to the overall RISK of all EQI insurance companies. How does this apply and what, exactly, is the statewide LIMIT of coverage?