Insurers can use the CoreLogic Sinkhole Layer to:
- Identify properties at risk and assign proper pricing.
- Identify properties to re-insure.
- Identify policies to non-renew.
Lenders can use the CoreLogic Sinkhole Layer to:
- Identify properties at risk and verify properties are adequately insured.
- Better manage and protect assets.
As of now, there is no requirement for property owners or insurance companies to notify mortgagees when comprehensive sinkhole coverage is non-renewed or replaced with alternative coverage. Therefore, it is important for lenders to proactively manage their risks when lending on properties in areas with known sinkhole issues.
Oil & Gas companies can use the CoreLogic Sinkhole Layer to:
- Better manage and protect assets
Sinkholes are common where the rock below the land surface can naturally be dissolved by ground water circulating through it. If there is not enough support for the land above the spaces then a sudden collapse of the land can occur—bringing with it everything that previously sat on the surface of that land.
