UmialikXpress
Agency Bulletin
August 18, 2022
Umialik’s Earthquake and Property Binding Restrictions
As you may be aware, two earthquakes recently struck Alaska. The first occurred on Sunday, August 14, and was a 5.2 magnitude earthquake that struck 381 miles north of Rat Islands, Alaska. The second earthquake occurred on Wednesday, August 17, and was a 5.0 magnitude earthquake that struck 93.4 miles southwest of Akhiok, Alaska.
As outlined in our guidelines, any earthquake of 5.0 or greater 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. This applies to each earthquake individually, and is determined based on the respective date listed above.
The binding restriction encompasses requests to add earthquake coverage and reduce deductibles. Additionally, 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 earthquakes, we will accept binds if the policyholder is able to sign a No Loss Statement confirming that there have been no known losses from the respective earthquake date 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.
