Superstorm Sandy made landfall in New Jersey on October 29, 2012 causing severe property damage along the eastern seaboard. Forecasting companies put sophisticated catastrophe risk computer models to work estimating insurance claims. One firm, Equecat, estimated that Sandy’s impact could reach between $10 billion and $20 billion in insured losses, which would make it the […]
A slow economy or sudden downturn in the markets can leave many commercial property owners and managers with the prospect of maintaining vacant buildings. Whether it’s a reduction in work force or tenants/businesses having to move to more affordable housing/retail space, many commercial property owners are faced with this current reality and should understand the
Vacant properties, evolving risks and available coverage Read More »
Natural disasters have shifted in the cultural mindset due to both increasing frequency and increasing intensity. We now live in an era where natural disasters, formerly unthinkable events which happened to other persons or places, are now seemingly common place, affecting individuals both at home and abroad. The residents of the Eastern Seaboard are experiencing
Superstorm Sandy: Different Insurance Buckets You Should Know Read More »
Wildfire risk is dependent mainly on geographical location. Weather patterns, human activities, and availability of combustible fuel all factor into the equation when determining wildfire risk. A close proximity to wilderness areas prone to such events increases the risk of wildfire damage to one’s property or business.
Wildfire risks and insurance coverage Read More »
Once a major storm has passed, people often discuss which is worse, wind or water? While wind damage typically comes quickly and violently the damage is usually a narrower path in scope. Water damage from flooding usually covers a much wider chunk of real estate and the effects can be much longer lasting. The reality
Don’t Let Flood Damage Soak Your Home or Business Read More »
During the past year we witnessed many extreme weather events unfold around the globe. In fact in the US, 2012 carried the largest amount of disaster related losses since the hurricanes of 2004/05. Tornadoes and wildfires in the Western and Central parts of the U.S. were larger and more destructive than ever. On the East
Climate change — Is it fueling our extreme weather? Read More »
Reinsurance is insurance. It’s as simple as that. It is coverage that insurance companies (known as the ‘ceding’ party) buy from one or more reinsurers as a means of risk management. What is the risk? The risk is the amount of coverage/exposure that the insurance company holds in its underwritten policies. Theoretically, at any time
What is reinsurance? Read More »
One year ago in these pages, several articles explored various aspects of preparing for disaster. The ABA’s Tort and Insurance Practice Section, led by Seattle attorney Randy Aliment, Dedicated a year to the subject. Superstorm Sandy drove home the point. Your firm is your business. Your clients are hard won, and with ever increasing competition,
Lessons from Sandy: Proper Disaster Protocols Read More »
Many businesses affected by Superstorm Sandy are now facing the reality of filing business interruption claims due to damage sustained during the storm. Some of these claimants may find themselves struggling to repair damaged infrastructure that is essential to their business and are seeking out assistance from their insurer.
Restoration periods in New York/New Jersey post Superstorm Sandy Read More »