Insurance to Cover Most of Pier Damage
Insurance will cover an estimated $1.5 million in damage to the Ventura Pier since the structure’s partial collapse was caused by wave damage, city officials reported Wednesday.
Representatives of Lexington and Commerce and Industry Insurance Co. surveyed the broken 123-year-old pier, which lost 420 feet of decking to high seas Dec. 13.
In the past two years, the city of Ventura has paid about $47,000 in premiums on the pier, which has a $3.8-million “wave-wash” policy.
The city must pay a $100,000 deductible, but insurance will pay for replacing the pier’s broken section, city officials said.
Insurance will not cover, however, the cost of replacing the timber pier with other materials. If city leaders decide to rebuild with steel or concrete instead of the traditional wood, the city would have to pay the difference.
City officials have requested an advance claim of up to half of the pier’s estimated loss, about $700,000, to begin repair work.
After the City Council decides how to rebuild the pier and with what materials, a formal insurance claim will be filed, officials said.
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