The National Association of Mutual Insurance Companies (NAMIC) launched a website on Sept. 5 that will provide information about mold to the insurance industry.
MoldUpdate.com will contain current news, education, scientific links, litigation updates and state legislation and act as a clearinghouse as it relates to the insurance industry. The site will be non-partisan and not-for-profit.
“From the standpoint of commercial exposures, toxic mold claims are beginning to rival construction defect claims in their numbers and magnitude,” according to Bill Wilson of the Independent Insurance Agents of America.
“To avoid confusion, many insurers are now inserting clarifying language in their homeowners policies,” writes Dr. Robert Hartwig, chief economist at the Insurance Information Institute, in an online backgrounder on mold. “Some companies may decide to cover all mold claims and price the policy accordingly. Others may exclude mold, but offer an attachment to the policy, called an endorsement, that allows you to add the coverage. Still other companies may provide a tighter definition of what is and what is not covered.”