Lessons From Hurricane Katrina: Looking Back, Planning Ahead
During the June 17, 2015, installment of our The New Reality of Risk webcast series, our panel of risk experts discussed Hurricane Katrina, 10 years after the storm battered New Orleans and the Gulf Coast. They discussed what it meant at the time and how its lessons can be used to protect your operations, your bottom line, your people, and your future.
The webcast panel, which included experts from our Property, Claims, and Reputational Risk and Crisis Management practices as well as Steve Pettus, managing partner with Dickie Brennan & Company, whose business and family were impacted by Katrina, shared some of their personal stories about Katrina and covered the top 10 pitfalls in property insurance policies, providing several tips to help you better understand what is — and what might not be — covered under your policy.
Among the key takeaways from the webcast:
- The importance of reading and understanding your policy simply cannot be overstated.
- Business interruption coverage tends to be the most misunderstood component of a property “all risk” insurance policy.
- The distinction between wind storm and storm surge was a critical issue in Katrina coverage.
- Establishing two-way communication between companies and their employees not only helps employees but also helps the organization get back to business.