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
Coverage for property which moves from location to location either on a scheduled or unscheduled basis. If the floater covers scheduled property, coverage is listed for each item. If a ...
Failure to exercise proper care. Many property insurance policies exclude losses that result from negligence. Neglect is also the basis for many liability suits. If an injury can be ...
Rating system under which a specific premium rate, rather than a manual or class rate, is assigned to each unit of exposure. ...
Employee stock ownership plan (ESOP); trust (ESOP) under which an employer received tax credit instead of a tax deduction for contributions. Until passage of the tax reform act of 1986, the ...
Soliciting of customers for the purchasing of an insurance product. ...
Death from other than accidental means. ...
Federal legislation that established the old age survivors, disability, and health insurance (OASDHI). ...
Circumstance that increases the likelihood or probable severity of a loss. For example, the storing of explosives in a home basement is a hazard that increases the probability of an ...
Insurance sold by a stock insurance company that is usually in the form of nonparticipating insurance. ...
Have a question or comment?
We're here to help.