GTH Seattle Partner Mike Ricketts speaks to Super Lawyers about insurance coverage and being legally prepared
Gordon Thomas Honeywell LLP, November 2017
Mike Ricketts shares insurance coverage advice related to earthquake, flood or wildfire devastation.
“Earthquake insurance is kind of like flood insurance: you’re not going to be required to have it—lenders will take the risk that it won’t happen in our lifetimes—but a sophisticated entity will probably have that type of policy,” Ricketts says.
“Everyone is waiting for the big one and we have to be prepared, but I don’t know that people will buy insurance for that because it’ll be an unprecedented event, if and when that should happen. … If it’s a total disaster, people typically don’t buy insurance that covers the value of a building falling down. It’s not like you turn it over to the insurance company and they take care of it; they only take care of a portion of your loss.”
Excerpt from Super Lawyer article written by Judy Malmon
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