UmialikXpress
Agency Bulletin
January 24, 2020
Umialik’s Earthquake and Property Binding Restrictions
As many of you are aware, a magnitude 6.2 earthquake struck 51 miles west of Adak, Alaska on January 22, 2020. As outlined in our guidelines, any earthquake above a 5.0 triggers a binding restriction for any risk within 100 miles of the epicenter for 30 days after the last 5.0 earthquake or aftershock in the area.
The binding restriction encompasses requests to add earthquake coverage and reduce deductibles. Additionally, because of reported damage in the area, Underwriters will require verification of no known losses on property policies in the affected area at binding.
The restriction will remain in effect for 30 days. If there is an earthquake event of 5.0 or greater in this same geographical area within the next 30 days, the 30-day period will reset.
For Personal Lines and Commercial Lines property business that was quoted prior to the recent earthquake, we will accept binds if the policyholder is able to sign a No Loss Statement confirming that there have been no known losses from January 22, 2020 through the requested binding date and time.
If you have questions regarding business that was quoted prior to the earthquake, or about this notice in general, please contact your Underwriting Team or Stacey Matteson (Stacey.Matteson@umialik.com), Vice President and General Manager.
