Guidelines
For Mold Insurance Coverage Approved in Georgia
Insurance Journal: The
Property Casualty Magazine
June 2,
2003
The Georgia
Department of Insurance released comprehensive mold endorsement filing
guidelines, providing insurers with guidance on the minimum level of mold
coverage required in homeowners and commercial lines policies.
According
to the American Insurance Association (AIA), which was part of an industry group
that negotiated with state regulators, the guidelines don't allow for as much
flexibility as carriers had wanted but they define clearly the scope of mold
coverage the state will require.
For homeowners policies, the new Georgia guidelines are comparable to pending
ISO filings. The guidelines provide that mold damage ensuing from a covered
peril is covered up to the policy limits. They also require a minimum level of
remediation coverage (for example, for air sampling and testing expenses) when
mold results from a sudden and accidental water loss, plus the option for
consumers to buy additional remediation coverage.
For commercial property and liability coverage, insurers wanted a greater range
of coverage options than the Georgia guidelines allow, in light of the explosion
in mold litigation, and the exorbitant costs involved in defending these cases.
"AIA appreciates the willingness of the Department to include insurers in this
process," Raymond G. Farmer, AIA assistant vice president, southeast region.
"The surge in mold claims over the past two years has required insurers and
regulators alike to work together to establish rational standards for mold
coverage that provide consumers and businesses sufficient coverage options while
also preserving a viable insurance market."
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You can also email pictures of your mold problems
in jpeg file format as email attachments. |
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