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Electrical Engineering/General Insurance coverage in event of a Earthquake.

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General Insurance Policy.
General Insurance Poli  
Earthquake
Earthquake  
QUESTION: Dear Prof Cleggsan

http://en.wikipedia.org/wiki/General_insurance
http://en.wikipedia.org/wiki/Earthquake‎

Can Apartment / Bungalow property owners claim their Insurance on occurrence of earthquake ?.

Do General Insurance policies provided by Public or Private limited cos cover insurance coverage for natural disaster such as Earthquake ?.

Awaiting your reply,

Thanks & Regards,
Prashant S Akerkar

ANSWER: This is not an engineering question so I am giving you my humble opinion that is probably not too valuable.

In the USA ( and I think other places in North America and throughout Europe) earthquake insurance is not automatically covered.  The policy holder must arrange with the real estate agent to add earthquake coverage by way of a "rider" or addendum to the policy.  The policy holder will pay additional for this coverage.  The premium cost for the earthquake rider will depend on the history of earthquake occurrence for that geographic location.

Other natural disasters such as hurricane, tornado, flooding are similar in nature and a rider addition to the policy must be purchased.  

Hope this helps...

---------- FOLLOW-UP ----------

QUESTION: Dear Prof Cleggsan

Thank you.

How earthquake non life insurance product is different from "Protection from fire" non life insurance product ?.

Scenario
--------

Self Owned Apartment / Bungalow - Protection from fire insurance product will cover all the materials inside the apartment viz television set, freeze, washing machine, microwave oven, wall clocks, furniture etc and a yearly/quarterly premium will have to be paid by the policy holder. Typically in a fire the structure may or may not come down while in a earthquake, mostly the structure will come down.

How the calculations will take place for deciding what premium to be paid by the policy holder in a protection from earthquake insurance product ?.

i.e. Materials cost + ? = Premium cost to be bear by the earthquake insurance product Policy Holder.

what is ? here

Awaiting your reply,

Thanks & Regards,
Prashant S Akerkar

Answer
In USA it starts out as 'home owners' policy with all items listed that are covered in the basic policy. The limits are selected by the applicant and the agent sets the cost of each element or addition to the coverage.  Extra coverage or optional coverage such as storm related or earthquake, etc. is called a 'rider' and is addended to the main policy.

You can learn all about these things by googling insurance companies websites.

Have a happy day.  

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cleggsan

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All technical areas of Electronics Engineering.

Experience

BSEE, MBA, Design, R&D, University Research.
Senior Life Member of IEEE. Life Fellow of AES.

Organizations
IEEE, Consumer Electronics Society, Audio Engineering Society.
Broad teaching experience; work experience mostly in consumer electronics and conversion from analog to digital technologies. Pioneer in digital audio at all levels.

Education/Credentials
BSEE (Equiv) BYU BSEE University of North Dakota MSBA (MBA) Illinois State University Graduate Studies in Computer Science - Bradley University Graduate Studies - Ohio University Graduate Studies - University of Missouri Kansas City DeVry Tech - Electronics

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