Many people believe that the increase in the number of earthquakesin Oklahoma, among other states, over the last few years hasbeen caused by changes in methods of oil exploration, particularlythe use of water injection wells or hydraulic fracturing, betterknown as fracking. The situation has given rise to much debate,with valid arguments on both sides.
To protect property owners who buy earthquake insurance, onMarch 3 the Oklahoma Insurance Department released a bulletin to property and casualty insurance companies doingbusiness in the state that addresses important issues surroundingearthquake coverage.
“We want to make sure everyone is clear on earthquakeinsurance,” said Oklahoma Insurance Commissioner John D. Doak in astatement. “Oklahomans need to know what they are buying. Insurersneed to know my expectations regarding the interpretation ofpolices. And adjusters need to know how to evaluate an earthquakeclaim.”
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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].
