Many people believe that the increase in the number of earthquakes in Oklahoma, among other states, over the last few years has been caused by changes in methods of oil exploration, particularly the use of water injection wells or hydraulic fracturing, better known as fracking. The situation has given rise to much debate, with valid arguments on both sides.
To protect property owners who buy earthquake insurance, on March 3 the Oklahoma Insurance Department released a bulletin to property and casualty insurance companies doing business in the state that addresses important issues surrounding earthquake coverage.
“We want to make sure everyone is clear on earthquake insurance,” said Oklahoma Insurance Commissioner John D. Doak in a statement. “Oklahomans need to know what they are buying. Insurers need to know my expectations regarding the interpretation of polices. And adjusters need to know how to evaluate an earthquake claim.”
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
