New Paradigm Underwriters, LLC (NPU) has issued a brief binding moratorium for Shake and Pay® First-Dollar Earthquake Insurance due to the magnitude 6.0 earthquake near the California-Nevada border on Thursday, July 8, 2021.
Shake and Pay® Program Update
On behalf of New Paradigm Underwriters, LLC (NPU), we appreciate your support of our Shake and Pay® parametric earthquake program. In light of Thursday’s magnitude 6.0 earthquake near the California-Nevada border, we are in a brief moratorium period for binding new earthquake policies within a 150-mile radius of the earthquake’s epicenter. This affects eastern areas of Northern California.
We continue to underwrite and bind risks more than 150 miles from the epicenter. This includes Southern California, many areas of Central California, and western portions of Northern California.
The following counties are currently included in the moratorium notice: Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Inyo, Kings, Lassen, Madera, Mariposa, Merced, Mono, Napa, Nevada, Placer, Plumas, Sacramento, San Benito, San Joaquin, Santa Clara, Sierra, Solano, Stanislaus, Sutter, Tulare, Tuolumne, Yolo, Yuba.
Shake and Pay® is one of the most comprehensive and responsive first-dollar (no deductible) solutions that helps to solve the balance sheet and budget issues that affect everything from the public sector, commercial, and residential insureds of the California Community. Shake and Pay® covers almost all the things that the traditional insurance industry historically excludes or severely sublimits; such as pools, business interruption without property damage, and loss of tax revenues.
Although many insureds understand the ongoing risks associated with earthquakes, some insureds will renew their focus on the earthquake peril following events such as Thursday’s magnitude 6.0 earthquake. If NPU can assist with placements for insureds in areas of the state that remain open for binding, or if insureds in other areas would like to begin exploring their coverage options, please contact us at 954-713-9999 Ext. 113 or [email protected]
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