PUBLISHED ON: August 27, 2020
Hurricane Laura made landfall today on the coasts of Louisiana and Texas as a Category-4 storm, and while Houston was mercifully spared the worst, damage in the Lake Charles area of Louisiana and in the Beaumont, Port Arthur and Orange County areas of Texas is likely to be extensive. Laura is the second storm to cause severe disruption and damage in the United States this summer, after Hurricane Isaias triggered tornadoes and knocked out power for over two million east coast residents in early August. Hurricane season in 2020 is shaping up as forecast to be one of the most active on record, with more storms and damage likely ahead.
As businesses affected by Isaias and Laura work to restore their property and income to normal, they also need to stay on top of their insurance claims. Businesses on all U.S. coasts need to keep their guard up -- and that should include reviewing and toning up their insurance claims protocols.
When a storm inflicts serious property damage and business interruption on a business, insurance is not often the first thought. But response on this front needs to be as rapid and sustained as action to repair and restore property. Indeed, the two are often intertwined.
In the wake of a storm or other natural disaster, the following steps will get the claims process on the right track and help maximize insurance recovery.
Meet Prompt Notice Requirements - But Keep Your Options Open
Insurance policies generally require prompt notice of loss. Late notice can result in forfeiture of coverage in the worst case, and to needless coverage fights in less extreme cases. Policyholders should give notice promptly to all possibly relevant insurance companies......