RULE 35.5B - LOSS ASSESSMENT COVERAGE FOR EARTHQUAKE (CO 04 36)
Applies
to: Premier - YES*, Premier Plus - YES*, Premier Select - YES*,
Premier Condo - YES*, Premier Renters - NO
The policy may be endorsed to extend coverage to include loss assessments resulting from a loss by earthquake. The limit of coverage will be based on the insured's proportionate interest in the total value of all collectively owned buildings and structures of the corporation or association of property owners. Calculate the additional premium as follows:
1) Determine the appropriate Earthquake Zone from the Territories Section.
2) Determine the rate per $1,000 of coverage for the appropriate construction type of the dwelling:
|
Earthquake
Zone |
Factor
|
|
|
Frame
|
Masonry
|
|
|
01
|
.59
|
.73
|
|
02
|
.34
|
.52
|
|
03
|
.27
|
.41
|
3) Multiply the desired limit of coverage by the rate per $1,000 determined in Step 2 above.
Endorsement CO 04 36 Loss Assessment Coverage for Earthquake will be attached to the policy.
* This endorsement may
not be added unless Loss Assessment Coverage (CO 04 35) is attached
to the policy.
