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.
- Risks 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.