Acts of God in the Insurance Industry
TABLE OF CONTENTS
INTRODUCTION |
1 |
SECTION 1: UNCONTROLLABLE PERILS AND OTHER NATURAL DISASTERS |
6 |
AN ACT OF GOD IN INSURANCE: WHAT IT IS |
7 |
“DAMAGES THAT COULD NOT REALISTICALLY HAVE BEEN PREVENTED” |
10 |
AN ACT OF GOD IN INSURANCE: WHAT IT IS NOT |
11 |
THE COVID-19 GLOBAL PANDEMIC: AN ACT OF GOD, A FORCE MAJEURE EVENT, OR NEITHER? |
12 |
THE COVID-19 GLOBAL PANDEMIC: TO RECEIVE COVERAGE OR NOT TO RECEIVE COVERAGE, THAT IS THE QUESTION |
14 |
DECISIONS, DECISIONS |
17 |
SUMMARY |
18 |
SECTION 2: ACTS OF GOD IN HOMEOWNERS AND AUTO INSURANCE |
19 |
ACTS OF GOD IN HOMEOWNERS INSURANCE |
20 |
HO-1: BASIC FORM |
22 |
HO-2: BROAD FORM |
26 |
HO-3: SPECIAL FORM |
32 |
ACTS OF GOD IN AUTO INSURANCE |
42 |
COLLISION AUTO INSURANCE |
43 |
COMPREHENSIVE AUTO INSURANCE |
45 |
DECISIONS, DECISIONS |
48 |
SUMMARY |
49 |
SECTION 3: PRACTICAL STEPS FOR INSURERS, POLICYHOLDERS, AND INSURANCE AGENTS |
50 |
ACTS OF GOD: PRACTICAL STEPS FOR EARTHQUAKES |
52 |
PRACTICAL STEPS FOR INSURERS: OBTAIN PARAMETRIC INSURANCE |
52 |
PRACTICAL STEPS FOR POLICYHOLDERS: PREPARE FOR AN EARTHQUAKE |
53 |
PRACTICAL STEPS FOR INSURANCE AGENTS: CLEARLY EXPLAIN COVERAGE OPTIONS |
54 |
ACTS OF GOD: PRACTICAL STEPS FOR WILDFIRES |
55 |
PRACTICAL STEPS FOR INSURERS: UNDERSTAND REINSURANCE OPTIONS |
55 |
PRACTICAL STEPS FOR POLICYHOLDERS: PREPARE FOR A WILDFIRE |
56 |
PRACTICAL STEPS FOR INSURANCE AGENTS: CLEARLY EXPLAIN COVERAGE OPTIONS |
59 |
ACTS OF GOD: PRACTICAL STEPS FOR HURRICANES AND FLOODS |
59 |
PRACTICAL STEPS FOR INSURERS: UTILIZING REINSURANCE SOLUTIONS |
60 |
PRACTICAL STEPS FOR POLICYHOLDERS: PREPARE FOR A HURRICANES AND FLOODS |
61 |
PRACTICAL STEPS FOR INSURANCE AGENTS: CLEARLY EXPLAIN COVERAGE OPTIONS |
63 |
DOCUMENTATION |
64 |
COMMON MISTAKE THAT COULD BE AVOIDED WITH PROPER DOCUMENTATION |
66 |
1. The Failure to Maintain Appropriate Coverage |
66 |
2. The Failure to Correctly Explain Coverage |
68 |
3. Administrative Errors |
68 |
4. The Failure to Identify Exposures |
68 |
5. The Failure to Share or Make Policy Changes |
69 |
6. The Failure to Send Accurate Client Information |
70 |
DECISIONS, DECISIONS |
70 |
SUMMARY |
71 |
COURSE REVIEW |
72 |
SECTION 1: UNCONTROLLABLE PERILS AND OTHER NATURAL DISASTERS |
72 |
SECTION 2: ACTS OF GOD IN HOMEOWNERS AND AUTO INSURANCE |
74 |
SECTION 3: PRACTICAL STEPS FOR INSURERS, POLICYHOLDERS AND INSURANCE AGENTS |
75 |
REFERENCES |
76 |