Earthquake Loss Assessment Coverage can be added to a policy by endorsement to provide financial protection against assessments levied by a property or homeowners' association following seismic activity.
To add Earthquake Loss Assessment Coverage, Earthquake Coverage must first be selected on the policy. Both options can be added by endorsement on the Coverage tab within the Openly Portal.
Coverage
This endorsement broadens the policy's base loss assessment coverage to explicitly include earthquake perils. Coverage is triggered when a homeowners' or property owners’ association assesses an insured party for collective costs arising from direct physical damage to shared association property caused by an earthquake. Learn more about coverage for homeowners’ associations.
Deductibles
Earthquake Loss Assessment Coverage is subject to a separate, special deductible. The specific deductible amount or percentage for this endorsement will be displayed on the policy Declarations page.
Exclusions
While this endorsement extends coverage to earthquake-related assessments, certain conditions remain excluded. The coverage provided by this endorsement does not apply to:
- Assessments charged by any governmental body or municipality.
- Losses or assessments resulting from flood damage, even if the flood was caused by or resulted from an earthquake.
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