Tsunami
Last weekend, we experienced a tsunami warning in Hawaii. The 8.8 magnitude earthquake in Chile was the cause of the warning. The whole state of Hawaii went through the drill. Some people stocked up on gas, groceries and water. Others moved to higher ground to avoid the potential waves.
All in all, I thought everyone handled the situation well. From the newsrooms to the tsunami warning center to the people of Hawaii, everyone stayed calm and informed. I heeded the advice to stay home and prevent potential traffic jams. I think it was extremely fortunate that the warning was on Saturday. If I remember correctly, the last tsunami warning was on a weekday, and the traffic was horrendous.
The actual tsunami turned out to be nothing more than a 1-2 foot surge. But what if a larger tsunami hit the islands? Would your homeowner’s insurance policy cover losses from a tsunami? Unfortunately, like earthquake losses, you would need to get separate coverage to cover flood (tsunami) losses. Flood coverage is provided through the federal government under the National Flood Insurance Program. Like earthquake insurance, flood insurance is very expensive. For the most part, only homes close to the shoreline or close to a water source (river, stream or lake) are required to purchase flood insurance.
If you have any questions about flood insurance, feel free to ask me.
Exercise Caution with Your ATV
Do you own an ATV (all terrain vehicle)? Every year, thousands of people are injured in ATV related accidents. Many individuals mistakenly think that their homeowner’s insurance policy or their auto insurance policy will cover them for ATV accidents. Unfortunately, this is not the case. Both the homeowner’s insurance policy and the auto insurance policy exclude coverage for ATVs. In addition, mopeds and jet skis generally fall under these exclusions as well.
Consult with your insurance agent for further details. Feel free to comment if you would like my response.
If you own an ATV, check out the following article for some safety tips.
Exercise Caution with Your ATV
Over 16 million Americans enjoy the experience of operating an all-terrain vehicle (ATV). Unfortunately, approximately 600 people die each year and nearly 122,000 are injured each year due to ATV accidents. Injuries and accidents are particularly common for children under age 16. If you own an ATV or operate one, you should advise your insurance agent accordingly to verify that you have proper liability and physical damage coverage in place. In addition, the following safety tips should be followed.
- Children should be allowed to operate only age-appropriate or “youth” ATVs. Most youth ATV-related deaths and injuries occur while operating “adult” ATVs. No child under age 6 should ever be allowed to ride or operate an ATV.
- Most ATVs are designed for only one person, so children should not take on passengers or be passengers on their parents’ ATV.
- ATVs should not be driven on paved roads. Because of how they are designed, ATVs are difficult to control on paved roads. Collisions with other vehicles on the road can prove fatal.
- ATV operators should never drive an ATV without a helmet. Wearing a certified motorcycle helmet can dramatically decrease the chances of a head injury while operating the ATV.
- All operators should complete a “hands on” ATV training course. A single class is estimated to be equal to one year of experience. Reputable ATV dealers often provide these classes free of charge to their customers.
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Copyright 2009
International Risk Management Institute, Inc.
