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Special Webcast: Hurricane Response and Recovery
The Carolinas have had to contend with unprecedented rainfall for the region, extensive flooding, power failures, and several deaths in recent days. As people and businesses begin taking stock of the damage caused by Florence, panelists on a special Marsh webcast discussed the steps needed to start the road to recovery.
In the days and weeks ahead, businesses will likely file claims for direct physical damage from the storm, business interruption and contingent business interruption, service interruption, and access issues.
It’s vital that businesses review their property insurance policies and understand key elements, including terms and conditions and definitions, said Duncan Ellis, Marsh’s US Property Practice leader. Among the critical questions for insured businesses will be whether named windstorm or flood coverage will apply.
Organizations beginning the claims process must work closely with their extended team of advisors, including claims advocates, forensic accountants, and other specialists, said Ray Hutnik, global leader of Marsh Risk Consulting’s (MRC) Financial Advisory Services Practice. Throughout the claims process, risk professionals should quarterback the team and coordinate expertise from all advisors.
To help clients get “early eyes” on the damage Marsh has deployed its Visual Intelligence Services. Bev Adams, head of visual intelligence and catastrophe planning at MRC, said a combination of aircraft, drones, satellites, and ground-based vehicles is being used to provide a common understanding of damages sustained and the potential causes of business interruption.
Although businesses will need to devote considerable resources to managing insurance claims processes, their top priority should be their people. Businesses should make sure they account for all people and consider their physical, social, emotional, and financial needs, stressed Renata Elias, a senior consultant in MRC’s Strategic Risk Consulting Practice.