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Risk in Context

Typhoon Season is Here: Are you Ready?

Posted by Edward Farrelly 08 July 2019

Typhoon season began on June 1.

This year the Northwest Pacific basin is predicted to produce a total number of typhoons close to its long-term average. However, even a single storm can wreak havoc on your employees, your operations and assets, your community, and those your business relies upon. Floods and water damage can be catastrophic, and remain a key concern in Asia.

If you or your extended supply chain partners could be affected by a typhoon, now is the time to take preparatory steps to ensure your business will be resilient when a storm strikes.

Understand Your Coverage and Claims Processes

  • Discuss with your broker what your insurance policies cover and the terms and conditions that may need to be clarified with regards to, for example, deductibles, sub-limits, valuations, scope of coverage, and reimbursements for loss and recovery consultants and third parties.
  • Establish or refine your loss management plans and communications protocols with your internal stakeholders and external subject matter experts, as well as with your insurers and their experts.
  • Drill your plans and protocols with all relevant parties to verify that the mechanics work and to limit potentially problematic claim filing and recovery issues.

Know Your Property

  • Verify your property’s condition and value before a storm hits through on-the-ground assessments and imagery from aerial technologies such as satellites and drones.
  • Ensure you have documentation for improvements made over the years (receipts, official records, or visuals).

Review Your Business Continuity and Emergency Response Plans

  • Test and refine your business continuity plans to ensure that all critical employees and operations have been identified, responsibilities are understood, and lines of communication are working.
  •  Help employees prepare by confirming that they are aware of emergency protocols and safety procedures and the resources available to them before, during, and after a storm.
  •  Identify alternative suppliers and shipping methods to prevent or limit disruptions to your supply chain.

To get started, review our checklists available in the Related Resources section of this page. Also available are additional guidance we published after last year’s super typhoons Hato and Mangkhut:

For additional typhoon season preparation and response guidance, or for information about our property risk, business continuity, visual intelligence, loss assessment, claims management, or employee assistance offerings, please reach out to me or your claims advocate.

Related to:  risk management , Real Estate

Edward  Farrelly

Edward Farrelly is Real Estate Leader for Marsh Asia.