Business or risk managers reviewing storm related insurance coverage often focus on wind and flooding as the key points of exposure. An often overlooked storm effect is hail, which can result in catastrophic damage to business property, landscaping, equipment and people. “The National Weather Service reports roughly 1-, 000-12,000 hail storms in an average year […]
Hail damage, insurance coverage and business risks Read More »
Supply chains act as circulation systems for companies, linking the manufacturing and distribution of goods globally. In the modern era, many businesses have decreased their amount of local “sourcing” in favor of global supply chains in order to minimize costs and raise profits for their shareholders. Not only does this type of outsourcing effect the
Natural disasters and supply chain risks. Read More »
Each year thousands of property owners and managers file insurance claims for mold infestation, structural and interior damage or rot, and various other damages all of which stem from an initial source of water intrusion. In a perfect world all building envelopes would be water tight and structurally sound but in our reality this is
Water intrusion: identifying the source and mitigating the risks Read More »
Recently, in a local newspaper, there was a story about a convenience store owner who suffered a fire that nearly destroyed the entire store. Prior to the loss, the store owner was lucky enough to convince a bank to lend him some money for operating capital. After conducting an investigation and being unable to find
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 »