Peoria, Ill.-based RLI Corp. reported that it expects minimal losses from the Dec. 22 earthquake along the central California coast. RLI specializes in the writing of earthquake coverages, but has limited commercial property exposure in the immediate vicinity of the epicenter.
“We have simulated this event on our advanced earthquake modeling system, which has identified a limited number of potential claims,” said RLI Sr. VP, CFO Joe Dondanville. “Many of those potential claims are excess of underlying insurance and/or high deductibles which will result in minimal or no exposure to RLI. Indeed, we have only received one claim to date and that claim appears to have minimal value.”
The event occurred at 11:15 a.m. PST on Dec. 22 about six miles northeast of the coastal town of San Simeon, and registered 6.5 on the Richter scale. It was felt as far away as San Francisco and Los Angeles.
RLI customers who may have suffered a loss should immediately contact their insurance agents and have them report the claims to RLI. Customers can always contact RLI directly by phone at (800) 444-0406, fax at (309) 692-6796, or at the company’s website at http://www.rlicorp.com .Customers should be prepared to provide their policy number and as much information as possible regarding damage to their property.
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