Category Archives: Natural Catastrophes

Игроки всегда ценят удобный и стабильный доступ к играм. Для этого идеально подходит зеркало Вавады, которое позволяет обходить любые ограничения, обеспечивая доступ ко всем бонусам и слотам. LeapWallet is a secure digital wallet that enables easy management of cryptocurrencies. With features like fast transactions and user-friendly interface, it's perfect for both beginners and experts. Check it out at leapwallet.lu.

Recovering from Hurricane Matthew

Posted on by

h-matthew3
Many organizations in the southeastern United States recovering from Hurricane Matthew are still dealing with downed power lines, swollen rivers and blocked roads. As soon as they are able to, business owners should start assessing damage to their property and begin their insurance recovery process. They will need to assess not only physical damage to their property but also any income losses that may have occurred as a result of flooded and blocked roads and bridges, interrupted shipping and air transport, evacuations, and closures by civil authority.

They need to gather the information they’ll need for their insurer, and also be familiar with their policy and policy language. “In the runup to a storm, we always hear insurance executives on the news assuring the public that they will take care of things—that policyholders can rest assured,” Marshall Gilinsky, a shareholder in the insurance recovery group at Anderson Kill P.C., said in a statement. “But it’s vital for businesses not to assume everything’s going to be taken care of automatically. Storm-related claims can run into a snarl of unclear policy provisions, sublimits and exclusions, and occasionally obstreperous insurance company adjusters. A false sense of security leads easily to lost insurance proceeds.”

Businesses impacted by the storm that have flood insurance, he said, “should look for coverage not only for physical damage to their premises due to any flooding, but also business interruption and contingent business interruption coverage.” For best results, they should be sure they are up-to-date on how their insurer defines and invokes sublimits for “flood,” “storm surge” and “named storms” and how their insurer deals with claims that include damages from both wind and flood, Gilinsky said.

According to Galinsky, the following coverages (and coverage limits) will apply in a storm’s aftermath:

Business interruption or BI covers businesses for losses stemming from unavoidable interruptions in their daily operations.  BI coverage may be triggered by circumstances including a forced shut-down, a downturn in business due to damage to premises, or a substantial impairment in access to a business’s plant or premises.

Businesses that are not themselves forced to close may be able to tap contingent business interruption coverage, triggered when policyholders do not themselves suffer physical damage but still lose revenue after a property loss sidelines a major supplier or customer base.  Contingent BI is a standard provision in many property insurance policies, though many small businesses are not aware of it.

Also in play will be coverage for evacuation by order of civil authority, triggered when authorities close off access to a damaged area – and ingress egress coverage, which insures lost profits due to difficulties in accessing the insured premises due to the storm. Again, damage to the insured’s own property is not required to trigger coverage — though typically, the losses must result from property damage of a type covered by the insurance policy.

“Too many businesses do not think about insurance unless their premises are damaged—or if they do, they fail to calculate the full range of loss,” Gilinsky said. “Small businesses in particular may not even be aware of their civil authority, ingress egress and business interruption coverage, let alone their contingent business interruption coverage.”

He also noted that many commercial property insurance policies provide different sublimits for losses caused by “flood,” “storm surge” and “named storms.” How the policy defines these key terms can be critical in determining the amount recoverable for the policyholder’s loss.

The Property Casualty Insurers Association of America offered the following tips to help businesses through their recovery process.

Business Recovery Information

  • In the aftermath of natural disasters, businesses should take immediate steps to minimize damage, speed up the claims process and accelerate business recovery. Assess the damage and report all damage to your insurance company agent as soon as possible.
  • Take pictures of your building and contents to document the damage.
  • Check for safety hazards, such as downed trees, branches, downed power wires and leaking gas.
  • Keep all receipts for anything purchased for that purpose so they can be submitted to your insurance company.
  • Be prepared to list the “replacement cost” of each item and its actual cash value.
    online pharmacy zofran with best prices today in the USA

    Replacement cost is what it would cost today to replace an item with another one just like it. Actual cash value is what the item is really worth after deducting for depreciation and wear.

  • Restore your utilities, phone service, gas lines and other important links as soon as possible.
    online pharmacy strattera with best prices today in the USA

  • Business interruption coverage is complex and will vary by insurers. It is important to read your policy and understand what is and is not covered.
  • As you seek contractors to make repairs, deal only with reliable, licensed professionals.
    online pharmacy female cialis with best prices today in the USA

    Get written bids from the contractor, but don’t sign any contracts or give a deposit until you have seen your insurance adjuster.

  • If you or your employees get involved in clean-up efforts, use safety items like proper eyewear, gloves, hardhats, dust masks and respirators.
  • Keep detailed records of business activity and extra expenses during the interruption period, and prepare records to show the income from the business both before and after the loss.

Hurricane Matthew Could Impact Renewals, Reinsurers

Posted on by

Downgraded to a post-tropical cyclone on Sunday, Hurricane Matthew proceeded to work its way north, pummeling coastal regions of Georgia, South Carolina and North Carolina, where rivers are overflowing and flooding continues. So far, Matthew has killed nearly 900 people in Haiti and 17 in the United States. More than 2 million U.S. homes and businesses lost power over the weekend, according to Reuters.

CoreLogic said today that it anticipates hurricane-related insured property losses for both residential and commercial properties to be between billion and billion from wind and storm surge damage.

buy azithromycin online www.nicaweb.com/images/layout1/gif/azithromycin.html no prescription pharmacy

The amount does not include insured losses related to additional flooding, business interruption or contents.

CoreLogic: Hurricane Matthew Loss Contribution by County in Florida, Georgia and South Carolina
lorelogic-losses

Willis Towers Watson said on Friday that the storm’s losses are not expected to adversely affect the insurance industry, due to abundant capacity. Organizations with upcoming renewals, however, may be impacted, the company warned.

“There will still be upset for the next couple of weeks, and underwriters will be skittish about renewing business until they calculate their losses,” Gary Marchitello, head of property broking at Willis Towers Watson, said in a statement. “Anyone with the misfortune of renewing programs with East or Gulf coast exposures over the next 4 to 6 weeks will be challenged to secure property coverage at favorable terms.”

Despite the excess capacity, the market is “ripe for an opportunity to turn,” and an event or aggregated events “will drive pricing adjustments,” he said.

Fitch Ratings said Hurricane Matthew will put pressure on earnings of some insurance underwriters in Florida and other southeast states but is “not expected to present a major capital challenge.” If storm insured losses exceed $10 billion, Fitch said a greater proportion of the losses will be borne by reinsurers as opposed to primary companies.

According to Fitch, the homeowner’s market share has shifted away from large national writers and the state-sponsored Citizens Property Insurance Corp. to a number of smaller Florida homeowners specialists. “A lack of storm activity over the last decade has substantially increased the claims paying resources to meet catastrophe losses, such as those arising from Matthew, of both Citizens and state-sponsored reinsurer, the Florida Hurricane Catastrophe Fund (FHCF),” Fitch said.

Primary insurers with the largest exposure in Florida are: Universal Insurance Holding Group, Tower Hill Group, State Farm Mutual Group, Citizens Property Insurance Corporation and Federated National Insurance Company.

buy solosec online www.nicaweb.com/images/layout1/gif/solosec.html no prescription pharmacy

Property insurers writing business in Florida rely heavily on reinsurance protection and other methods to mitigate their risk of extreme loss.

buy tenormin online www.nicaweb.com/images/layout1/gif/tenormin.html no prescription pharmacy

“As a result, the FHCF, the traditional and collateralized reinsurance markets and the catastrophe bond market could have meaningful exposure to losses from Matthew,” Fitch said. Fitch estimates that FHCF has assumed the largest level of premiums by a wide margin. Among private entities, Lloyd’s of London appears to be the next largest reinsurer followed by Allianz SE; Tokio Marine Holdings, Inc.; Everest Re Group, Ltd.; and XL Group Plc., Fitch said.

Anticipating Hurricane Matthew, 4 States Declare Emergency

Posted on by

matthew-map
Rebounding to Category 4 hurricane classification, Matthew now has winds up to 140 miles per hour and has caused at least 28 deaths in three Caribbean countries. It is heading for the southeastern U.S., where four states—Florida, Georgia, South Carolina and North Carolina—have issued a state of emergency and evacuation orders in coastal regions.

Matthew was a Category 4 hurricane through Tuesday, was downgraded to a Category 3 early on Wednesday, and has now returned to Category 4 strength today, according to the U.S. National Hurricane Center (NHC).

Florida Gov. Rick Scott issued a warning on Thursday urging those in evacuation zones to leave immediately. “Based on the current forecast, the heights of storm surge will be above ground. Waves will be crashing on roofs. Homes will be destroyed,” he tweeted in both English and Spanish on Thursday morning.

“Time is up, Hurricane Matthew is approaching Florida. If you are in an evacuation zone, leave now,” he said in a statement. “To everyone on Florida’s east coast, if you are reluctant to evacuate, just think of all the people the hurricane has already killed.  You and your family could be among these numbers if you don’t take this seriously.”

Scott said that so far more than 4,000 National Guard members have been activated to help with evacuations and sheltering. He tweeted that as of 6:00 a.m., more than 3,000 people were in about 60 shelters.

buy paxil online https://ozgurmd.com/wp-content/uploads/2023/10/jpg/paxil.html no prescription pharmacy

The state offers a mobile app to help those in flood-prone areas find the nearest shelter and also avoid traffic congestion.

A state of emergency has been declared by Georgia’s governor for 13 coastal counties. South Carolina’s governor declared a state of emergency and has begun coastal evacuations that may affect up to 1 million people. Because of heavy traffic, lane reversals on some highways are in effect, and schools and government offices in 25 South Carolina counties are closed today.

buy arava online https://ozgurmd.com/wp-content/uploads/2023/10/jpg/arava.html no prescription pharmacy

North Carolina’s governor has declared a state of emergency for more than 50 counties and issued a mandatory evacuation order for Ocracoke Island, AIR Worldwide reported.

The Federal Emergency Management Agency (FEMA) has sent personnel and supplies to all four states, and President Obama is meeting with FEMA officials coordinating the response to Hurricane Matthew at the agency’s headquarters in Washington, D.C.

According to CoreLogic, a Category 3 storm hitting Miami could potentially damage 176,000 homes at a reconstruction cost value (RCV) of about $3.8 billion.

CoreLogic’s Storm Surge Risk Report estimates that more than 6.8 million homes located along the Gulf and Atlantic coasts are at risk of storm surge damage, with a total RCV of about $1.5 trillion.The length of coastline, coastal elevation and density of residential development all contribute to the risk of storm surge flooding.
core-logic-1

According to CoreLogic, the total number and total value of residential properties for the four states currently bracing for Hurricane Matthew are:

Total Number and Total Value of Residential Properties by State

Making the Most out of a Crisis

Posted on by

CALGARY, ALBERTA, CANADA—Suppose your company experiences a major hurricane, tornado or fire: Property is destroyed and your business is stalled, meaning customers are left waiting.

buy neurontin online https://www.rhythmedix.com/wp-content/uploads/2023/10/jpg/neurontin.html no prescription pharmacy

But there are buildings to be rebuilt and equipment to be replaced, and the claims process hasn’t even started. This is when the risk manager’s skills at placing the company’s insurance coverage and negotiating for the best payout can not only demonstrate their true value, but can put the company back on course, according to experts here at RIMS Canada’s annual conference.

“When there’s a serious property loss, this is the time for the risk manager to shine, because up until then it’s about premium, premium, premium,” Tom Parsons, manager of risk management at Fairmont Raffles Hotels International in Toronto said during a RIMS Canada Conference session. “Up until a serious loss occurs, I don’t think you feel the impact that you can give back to the company. Because what we do is buy insurance, so it has to work.

buy glucophage online https://www.rhythmedix.com/wp-content/uploads/2023/10/jpg/glucophage.html no prescription pharmacy

It is what you helped craft and build into your policy through the years. You have created a policy that is robust, and that is going to cover everything—you hope.”

Among the examples cited was a soft drink bottling plant flooded with eight feet of water following a hurricane. While the company’s high-speed bottling equipment was damaged and would need to be replaced, explained Jeffrey Phillips, managing director in PwC’s U.S. forensic advisory practice, the issue was that floodwaters were highly contaminated due to a number of chicken and hog farms in the area. As a result, the company determined that the building could not be used for any type of food processing and would need to be demolished. The insurer, however, argued that the walls could be sealed, containing any contaminants. The company had found a competitor to do some of the bottling, but it wasn’t enough to fill their orders, Phillips said.

Because delivery of the new bottling equipment was slated to take months, there was also a large business interruption period being covered, he said. This is when innovation came into play. The bottling company was able to show the insurer that buying another plant rather than rebuilding would put them back in business sooner, cutting back on their losses. The insurer agreed and sent them a check. As a result, the company purchased a larger facility in a better location.

“They were up and running in six months—the business interruption had stopped,” he said. The better location also meant reduced shipping costs and the company gained market share. Because the company was able to make the case to its insurer, both came out ahead in the long run.

Phillips recommended that companies negotiating after a crisis “communicate, communicate, communicate” with their insurers.

They should also get their insurers to sign off on major contracts such as scope of work, rates and overhead and discuss changes to operations or facilities with the adjustment team and agree on scope of property damage repair or replacement whenever possible.

Insurers will typically push to return the facility to pre-loss condition, “unless you can prove the changes will save them money,” he added. “Insurers will not be creative for you, they don’t know your business or your goals.”