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WSIADA Q&A - Wildfires and Insurance

Wildfire dealershipsRecently a  member contacted WSIADA because he had difficulty securing insurance coverage on his inventory.   We reached out to Todd Shepard of Shepard & Shepard Insurance as to why this may occur.  His reply:

"When hurricane or wildfires occur many insurance companies issue what is called a 'binding prohibition' or 'moratorium.'   This basically means they stop issuing or updating insurance policies because of the impending disaster.  An insurance moratorium is designed to keep folks from buying (and canceling) coverage based on the forecast."

Shepard continues, "Because you never know when disaster will strike, you want your policy to be ready for what comes next.   If you wait too long, especially during wildfire season, you may have to wait until the moratorium is lifted to secure coverage"

Your dealership may be impacted by a moratorium if you want to buy a policy or want to change coverage to your existing policy (such as adding coverage to a building or deciding to insure your dealer inventory) during these times.   If you're already insured and don't want to make any policy changes, a moratorium won't impact you.