Structural Damage
A cooperative housing group society in Gujarat wants to protect their multistorey buildings against earthquake damage. They purchased an earthquake index insurance cover that pays out immediately after an earthquake happens that offer immediate payouts for relief and repair.
Who Can Benefit
- Homeowners
- Real Estate Developers
- Consumer Good Distributors
- Municipalities
- Utilities and Energy Companies
- Manufacturing Units
Earthquake
Cyclone
Flood
Sample Policy
A cooperative housing society purchased an earthquake index cover that pays out immediately after an earthquake to fund relief and repair.
Coverage Terms
POLICYHOLDERCooperative Housing Group Society
LOCATIONSurat, Gujarat
DATA SOURCEUS Geological Survey Data
PAYOUT BASED ONDistance from epicenter of earthquake
COVERAGE PERIOD1st January to 31st December
MAXIMUM PAYOUT₹ 1,00,00,000
PAYOUT CONDITION
| PGV cm/s | Payout % |
|---|---|
| >= 100cm/s | 100% |
| >= 50cm/s | 75% |
| >= 20cm/s | 50% |
| >= 10cm/s | 20% |
Payout Sheet
For illustration purposes, a sample of one cover is presented below. Generally, covers using multiple indices are offered for comprehensive coverage.
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