Special Hurricane Webcast: Recovering from Harvey and Preparing for Irma
Colleagues from Marsh, Marsh Risk Consulting, and Guy Carpenter shared insights into common property coverage issues arising from Hurricane/Tropical Storm Harvey and the claims preparations that businesses should be making ahead of Hurricane Irma during a special Marsh webcast on Thursday, September 7.
Anticipated losses from Harvey, which brought more than 50 inches of rainfall to the Houston area, are expected to be significant. Losses that have already materialized include physical damage from flooding, storm surge, and wind; service interruptions and time element losses; business interruption, contingent business interruption, and extra expense; supply chain disruptions; and environmental losses.
As Hurricane Irma approaches, property owners with assets in Florida and other potentially affected areas should take steps to prepare documented claims. This includes having a claims team in place to respond, supplemented by accounting, engineering, and legal expertise; ensuring proper recordkeeping; gathering information required for potential business interruption claims; and reviewing the detailed process that should be followed in the event of a loss.
Panelists also discussed services that Marsh & McLennan Companies can deliver to companies to aid in their response to and recovery from Harvey, Irma, and other storms, including:
Visual intelligence services, which leverage imagery and video delivered by aerial technologies, open-source intelligence, analytics, and risk expertise to collect and analyze real-time information about the status of properties following a catastrophe.
Support for public entities filing claims for assistance from the Federal Emergency Management Agency.
Insurance claims support for a company’s employees who are affected by these storms.
Panelists on the webcast, which was moderated by Duncan Ellis, Marsh’s US Property Practice leader, included:
- Ray Hutnik, global leader of the Financial Advisory Services Practice within Marsh Risk Consulting.
Charlie Martin, US leader of the Marsh Claim Practice.
Jeb McPherson, a senior vice president and FEMA claims expert in MRC’s Financial Advisory Services Practice.
Paul McVey, a managing director in the Marsh Claim Practice.
James Waller, a research meteorologist at Guy Carpenter.