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
Type of guaranteed investment contract in which the interest rate credited is tied to an external index such as the United States Treasury Bond Index. ...
Instrument that uses noncombustible substances such as carbon dioxide to deprive a fire of oxygen, thereby extinguishing it. ...
Insured losses that have occurred but have not been reported to a primary insurance company. These types of claims have a tremendous effect on a reinsurance treaty, which may be showing a ...
Organization of over 300 property and casualty insurance companies whose mission is to investigate fraudulent claims and bring to justice those making such claims. ...
one in which the amount and frequency of payment may fluctuate. ...
Stated fixed payment for maternity costs regardless of the actual costs. ...
Type of health maintenance organization (HMO) that issues contracts to independent physicians. These physicians are paid a per visit fee for seeing an HMO member or are paid an annual fixed ...
Same as term Floater: 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 ...
Actions not allowed between a trust and a disqualified person under the employee retirement income security act of 1974 (erisa). The disallowed actions are designed to prevent a conflict of ...
Have a question or comment?
We're here to help.