ISO Introduces Optional Endorsement for Damage to Underground Utility Lines

Jersey City, NJ, July 16, 2020 (GLOBE NEWSWIRE) -- ISO, a Verisk (Nasdaq:VRSK)A business, has launched a new homeowners endorsement to address damage to underground utility lines, a risk that isna??t always handled by municipalities or covered in standard homeowners insurance policies.The new endorsement for the ISO Homeowners Program can be used to provide coverage related to underground pipes, wires, and some buried equipment from a range of causes, including explosions, tree root growth, and wear and tear.a??Claims arising from buried utilities often come as a surprise because deterioration is hidden until a loss of service occurs,a?? said Doug Caccese, president of ISO Personal Lines. a??Excavating the line, fixing or replacing it, and repairing related damage can cost thousands of dollars. Our new endorsement is the kind of value-added enhancement that many consumers are looking for in todaya??s competitive homeowners market and that our insurer customers can now offer.a??In addition to direct costs covered by the endorsement, policyholders also can be covered for some additional living expenses while their property is uninhabitable, as well as for loss of rental income.To complement the endorsement, ISO is also introducing associated rules and loss costs, leveraging its deep knowledge and experience in the development of coverage and actuarially sound pricing designed to conform with applicable regulatory requirements. ISO began the state-by-state filing process for this new endorsement in June 2020.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Август 2020    »