On Oct. 31, TUR SEDDK issued new tariff and instruction for coverage.
TUR SEDDK tariff and instructions for optional earthquake and volcano eruption cover.
Follows TUR SEDDK Aug. 2023 updated on holistic earthquake coverage, see #181652.
Coverage Overview
In the event that earthquake and volcanic eruption coverage is added to fire, loss of profit due to fire, construction and assembly (all risks) and electronic device and for machinery insurances, the new tariff and instruction provisions are all to be applied.
The loss of profit in this tariff and instruction refers to gross profit loss resulting from decrease in turnover due to partial/complete cessation or disruption in firm's activity.
The loss of rent or other guarantees, which in essence are contained in this definition, are considered as loss of profit and are subject to provisions of this tariff and instruction.
In the event earthquake and volcanic eruption coverage is offered as additional cover to insurance types other than those specified in the first article, all of the prices and conditions to be applied are not subject to the provisions of this tariff and instruction.
The definition of the same risk address, the same insured and the total earthquake and volcanic eruption insurance cost expressions in this tariff and instruction are set out.
Unless otherwise agreed by TUR SEDDK, the insurance amount limits and the increase limits of exemption and coinsurance rates specified are based on last year CPI and PPI.
Effectiveness
The terms of the new earthquake and volcanic eruption coverage applies Jan. 1, 2024.
On Jun. 28, 2024, TUR SEDDK issued revised tariff and instruction regarding optional earthquake, volcano eruption coverage with calculation tables; apply on Jul. 1, 2024.
Nov. 2024 Tariffs and Instructions
On Nov. 22, 2024, TUR SEDDK issued revised tariff and instruction regarding optional earthquake, volcano eruption coverage with calculation tables; apply on Jan. 1, 2025.
This is for earthquake and volcanic eruption coverage added to fire, loss of profit due to fire, construction and assembly (all risks), electronic device, and machinery cover.
Nov. 25, 2024 Summary of Instructions
On Nov. 25, 2024, TUR IAC issued a shortened version of the new revised tariff and instructions issued by TUR SEDDK on Nov. 22, 2024, to assist insurers and brokers.
