Angelo Paletta, professor of management
The tragedy of the earthquake which had as epicenter of amateur areas, accumulations, Arquata del Tronto and Pescara, and the invitation of the Government to collaborate in the construction of the plan “Italy House” reopens many reflections. First, the importance of building public and private buildings according to modern earthquake-resistant technologies, and whether to make it compulsory in risk insurance policies municipalities against catastrophic events ¬ (floods, floods, earthquakes, volcanic eruptions).
in addition, it would be important if the seismic certifications would become mandatory in real estate sales, as it has been for the energy certificates. These, in fact, under penalty of nullity of the acts, in the conclusion should be attached to contracts on transfer and lease premises (art. 6, para. 3-bis of Legislative Decree no. 19 August 2005, n. 192, introduced by Decree 4 June 2013, n. 63, converted into Law August 3, 2013, n. 90, recepente Directive 2010/31 / EU).
it is clear that if there was the introduction of the seismic certified as a new information tool, this would contribute both to provide additional guidance for the definition of the market value of a property, is to signal the importance of protecting insurance to level the walls being negotiated. And at the legal level it would be two new products with high economic impact regulations, social and cultural development in a nation where it is lacking a culture of prevention.
Over 24 million Italians resident in areas prone to earthquakes
the Italian peninsula and Sicily, with the exception of Sardinia, it is in the center of the rift created by the thrust of the African plate on the Adriatic micro-plate forming part of the Eurasian plate. Currently the micro-Adriatic plate moves about 50 mm per year to the east leading to a gradual narrowing of the Adriatic Sea.
The National Council of Geologists did a mapping nationally and estimates that are located in areas of high seismic critical 24,147,410 residents, 27,920 schools and 2,188 hospitals.
in the epicenter of the last earthquake regions are: Lazio, with 1,764,181 residents in earthquake areas, 4,608 schools and 209 hospitals; in places at risk of Marche there are 1,486,289 residents, 1,767 schools and 202 hospitals.
The Government faces an emergency with 50 million and the program plan “Italian House”
The earthquake recorded magnitude 6 to 3.36 hours of August 24 and subsequent 1,000 minor tremors have caused hundreds of deaths and injuries as well as thousands of displaced people. However, the damage caused by earthquakes will last for a long time and substantial public resources will be used appropriately to meet both the emergency, including food and temporary accommodation of displaced persons, it is the most complex programming tasks for reconstruction.
To this end, the Council of Ministers no. 126 last August 25, the Government has defined the first steps to handle the emergency following the earthquake. With the state of emergency declaration has been allocated the first 50 million euro together with temporary tax exemption for all the earthquake victims. The municipalities are exempted from fees: Arquata del Tronto (AP), Acquasanta Terme (AP) Montegallo (AP), Montefortino (FM), Montemonaco (AP), Montereale (AQ), Capitignano (AQ), Campotosto (AQ), Valle Castellana (TE), Rocca Santa Maria (TE), Accumoli (RI) Amatrice (RI), Preci (PG) Norcia (PG), Cascia (PG), Monteleone di Spoleto (PG). But
it is evident that the total costs of the reconstruction will be vastly greater.
The National Council of Geologists and the Civil Defence estimates that nationwide serve as many as 50 billion Euros to secure public buildings, while private ones the cost could reach about 300 billion euro. For easier reading this data is necessary to consider that, according to Italian geologists, 60% of the national housing stock was built before the 1974 law which introduced the technical standards for construction in seismic areas.
at yesterday’s meeting at Palazzo Chigi President Matteo Renzi he announced the launch of the plan “House Italy” aimed at building an infrastructure of prevention system throughout the country to reduce the risk of other casualties caused by catastrophic events.
I assumed by the Government funds should be public and private, to which would be added of European Union funding, which has already made available the Copernicus satellite system to map the damage in the area.
the ABI announces the suspension of payments of mortgages and mortgage financing: until when?
the Italian Banking Association (ABI) makes known that “is committed to interventions in favor of those who are suddenly in difficulty because they suffered damage or partial unavailability of real estate and facilities dedicated to the job.”
the ABI reports that “in line with the provisions contained in the specific Memorandum of Understanding signed with the Civil Protection and consumer associations on 26 October, aimed at ensuring fairness and anywhere in the country early action in favor of populations affected by natural disasters, is sensitizing its members to adopt the residents of the territories affected the planned suspension of loan installments mortgage related to residential real estate, commercial and industrial, which have had even partial damage. ”
The commendable outlet ABI position will produce temporary suspensions of payments. The fact is that if the mortgage loans issued for the purchase of properties in those areas of seismic risk had been connected with insurance against earthquakes, most of debtors today would not have suffered the additional expense of having to eventually pay property that they no longer exist.
Risk management against earthquakes: the main insurance coverage to buy
The value of owning an insurance policy is fully it understands only when the damage occurs feared. Although Italy is a high seismic risk, the culture of managing risk does not seem to hotels much in common Italian mentality. tragic events like this that hit the countries of Lazio and amateur Accumulations and the Marches of Arquata del Tronto and Pescara should lead us to reflect. Especially now that the government, mindful also of the earthquake in L’Aquila, apparently seriously wants to launch a national project to secure both public buildings and private ones.
The total estimated cost to build such a project is around 350 billion euro. This means that all public authorities and private owners, will have to assume a variety of solutions to cope with possible future disasters. Both technological and constructive level and at the administrative level, both for insurance.
Considering that last point, it is important to know that there are insurance policies that protect policyholders in the event of an earthquake. For proper risk management it is critical to know what are the hedged items, compensation limits and deductibles for the different events.
First, it is essential to define the sum insured and the deductible in the case the catastrophic event occurs. In addition, please consider the percentage limits of compensation of expenses for demolishing, clearing, transporting, disposing of and treating the rubble. In addition, must be measurable percentage of the costs of removal, transportation, relocation and storage by third parties of the assets contained in the damaged premises or destroyed by the earthquake.
Last but not least, it would be useful to choose a policy that takes into account all the many complex aspects of a catastrophic event, and thus ensure the overnight expenses in a hotel or guest house or similar solutions by establishing a fixed daily per capita up to a predetermined percentage related to the insured capital and for a period temporal default. Finally, some insurance for housing residences to cover damage from an earthquake also guarantee payment of a lump sum if the policyholder during the earthquake or his family suffer a serious injury.
Earthquakes: insurance against incidents of theft and looting
the post-earthquake stages often last months, if not years. And incidents of looting generally occur in the days and weeks after every earthquake. The insurance policies may protect the policyholder in the event of theft.
This sadly delinquent usual phenomenon has re-appeared in this earthquake. Just in the rubble of Amatrice the police have arrested and taken to the prison in Rieti pluripregiudicato a 45 year old who was trying to force the door with a screwdriver of a dwelling as well as a couple of foreigners who moved among the damaged houses and uninhabited with burglary tools .
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