Riot And Civil Commotion Insurance
Definition of "Riot and civil commotion insurance"
Coverage for damage to property resulting from riot or civil commotion. Riot is defined by most state laws as a violent disturbance involving three or more (in some states two or more) persons. Civil commotion is a more serious and prolonged disturbance or violent uprising. Losses from riots in major cities during the 1960s caused insurers to stop writing this type of coverage in certain urban areas. In response, Congress enacted legislation creating the FEDERAL CRIME INSURANCE program and providing riot reinsurance in states that established acceptable pooling plans.
Popular Insurance Terms
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disposition of a claim or policy benefit. Policies may specify time limits for payment of claims or benefits and designate various methods of settlement at the option of the insurer or the ...
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Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
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