The optional Earthquake and Volcanic Eruption coverage can be added to certain types of insurance policies, including fire, construction, and assembly insurances. This coverage is regulated by a tariff and guidelines that include provisions such as insurance value limits and deductibles. Pricing and conditions for different insured structures at the same risk address are determined based on various insured parties and building types, with varying premium rates according to earthquake risk groups.
No additional coverage can be offered for buildings under the Mandatory Earthquake Insurance; however, optional earthquake coverage may be provided for amounts exceeding the mandatory insurance limit. Details such as deductible practices and joint insurance rates can vary depending on the contract between the insured party and the insurer.
In summary, the key points of this tariff include which insurances can have earthquake coverage added, deductible practices, insurance value limits, and premium calculations.
