Velocity Risk Underwriters will practice the following moratorium parameters. Additional restrictions may be posted from time to time as deemed appropriate.
When a territory is under a moratorium* for a given peril,
No new policy quote will be issued.
No outstanding quote can be bound.
Existing policies can be renewed, but no new locations or increased coverage can be included during the moratorium.
Certification of no loss may be required post event.
At a minimum, the moratorium by peril will include the following:
Exposure within 50 miles of an epicenter of an earthquake recorded at size 5.0 or greater.
Moratorium will last for 10 days from last reported shake on the subject fault line.
Any policy with a location projected to be in the path of a named tropical storm as determined by the NOAA or National Hurricane Center. Moratorium size and scope will vary by the intensity of any given named storm.
Moratorium will last the duration of the named storm.
All restrictions included in Wind above.
Imminent flood watch or warning as declared by NOAA or other governmental agencies involved in the measurement of flood.
All Peril (fire)
If a fire, or similar peril, is proximate to or if an insured location is in the potential path of a known event.
* By the term 'moratorium,' we mean a temporary period of time during which certain underwriting activities may be halted or suspended in particular areas.