The Specialty Property Earthquake Program provides difference in conditions insurance, including earthquake, earthquake sprinkler leakage and flood to commercial entities. Eligible classes include, but are not limited to: apartments, homeowners associations, hotels, motels, retail shops, office buildings, light manufacturing facilities and restaurants. All Risks’ in-house binding authority for the product’s primary limits and full value business is $16 million; the maximum insurable value is $100 million.
The program is available in Alaska, Arizona, California, Hawaii, Nevada, Oregon, Utah and Washington, as well as the New Madrid Area states of Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri, Ohio and Tennessee.
Jeff Hoffman, All Risks director of the Specialty Property Earthquake Program, said the comprehensive earthquake insurance program for commercial properties offers a full value and primary layer capacity. Deductibles can start at 5 percent in CRESTA Zones A and B, and 2 percent in all other CRESTA Zones and states.
The product’s minimum age requirements for construction types vary by state. Earlier construction may be accepted with evidence of sufficient earthquake retrofit construction or adequate bolting to the foundation.
•Tilt-up construction – 1975 and newer
•Wood frame construction – 1940 or newer in California, 1950 or newer in all other states
•All other types of construction – 1950 or newer in California, 1960 or newer in all other states
All Risks, Ltd., based in Hunt Valley, Md., is a national independent wholesale brokerage firm offering comprehensive insurance programs with a full-service platform of brokerage, contract binding, exclusive national programs and specialty personal lines products for retail insurance agents and brokers nationwide.