Hurricane Harvey tore up large areas of the Texas Gulf Coast with gale-force winds and storm surge, and then inundated vast areas, including Houston, with unprecedented amounts of rain. Many businesses in those areas are still shut down and operations are only slowly being restored. Moreover, refineries have been shut down which means that companies throughout the country will suffer losses because of the storm’s impact on the supply and prices of petroleum – based products. Fortunately, many businesses have applicable insurance for first-party property loss, lost profits and extra expense. Indeed, throughout the U.S., businesses far from the storm’s direct impact may have cause to tap “contingent business interruption” coverage for losses resulting from damage to the property of suppliers and customers – which can be triggered even if your business is geographically remote from the path of the storm. Yet, if the experiences of policyholders after Hurricanes Katrina, Rita, and Ike, and Superstorm Sandy are any guide, businesses will have to be proactive and vigilant if they are to successfully resolve their insurance claims anytime soon. The following tips can greatly enhance their chances of success.
To view the full article: Tips for Securing Recoveries from Hurricane Losses