On the morning of March 15, 2018, a large explosion erupted at the Tri-Chem Industries chemical plant in Cresson, Texas, approximately 25 miles southwest of Fort Worth. The explosion left two workers badly injured and another presumed dead. According to 2017 Hood County records of the company’s chemical inventory, it has been reported that Tri-Chem’s Cresson plant stored chemicals that were toxic, flammable and corrosive yet the company had no emergency response plans in its files.
Friday, April 13, 2018
Friday, March 30, 2018
In the six months since Hurricane Maria devastated Puerto Rico, much progress has been made. Water service has been restored to 99% of the island and electricity to 93%. Of the total losses in the Caribbean from Maria, about 85% are in Puerto Rico, which the local government estimates at $100 billion. Insured losses are estimated between $40 and $85 billion.
Monday, March 19, 2018
Following a catastrophic event (such as a hurricane, tornado, or earthquake), insureds sometimes will not have the resources up front to make the repairs to their property. In many states, an insured can hire a contractor to perform the work in exchange for a post-loss assignment of benefits (AOB) whereby the insured assigns their rights in their insurance claim to the contractor making the repairs. From there, the contractor, not the insured, pursues payment of the claim from the insurer.
Friday, March 9, 2018
Almost a month to the day after the now-infamous January 4, 2018 “bomb cyclone”, another “bomb cyclone” (Quinn) hit the East Coast. On March 2, 2018, a monster storm slammed into the New England states causing major coastal damage, including erosion and flooding, as well as massive power outages.
Tuesday, February 27, 2018
Most commercial and residential insurance policies contain exclusions for earth movement, flood or surface water. At first glance it may appear clear that these policies would not cover damage from a mudslide. However, as the recent mudslides in Santa Barbara County, California demonstrate, the answer may not be so clear. Those mudslides, which killed more than 20 people and damaged or destroyed hundreds of homes, followed the Thomas Fire that scorched almost three hundred thousand acres.
Wednesday, February 14, 2018
On Thursday, May 3, 2018, the Dallas office of Zelle LLP will host an all-day seminar at the Hyatt Regency Reunion titled “2018 Texas Hail and Harvey Claims/Litigation Seminar.” The seminar will bring together insurance industry professionals to share information and knowledge concerning Texas Hail and Hurricane Harvey claims and litigation. The seminar has been held every other year since 2012. Over 500 attendees are expected.
Wednesday, January 24, 2018
2017 saw approximately USD 330 billion in losses from natural disasters worldwide, of which around USD 135 billion were insured, according to a Munich Re report. It was the second costliest year on record, only surpassed by 2011. Latin America was no exception to the trend, as a number of natural catastrophes hit the region last year.