2017 Natural Disasters - How Is Your Insurance Company Responding

A banker’s perspective on before, during and after a disaster.  Natural disasters have proven, particularly in the past year, to happen with unexpected frequency. Whether the disaster comes in the form of a storm, earthquake or a fire, the effects can be lasting and costly.  What to plan for, and how to prepare for those losses that always seem to be a surprise, are key to the risk management function.  Just as creative solutions can aid planning, help recover from a loss and avoid some future losses, creative approaches also aid in obtaining coverage to pay for recovery efforts.  While insurance is a key part of risk management, bankers should understand the coverage and how it will respond to different types of losses.  Better to prepare in advance of a loss, than wait until after disaster strikes.