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.
Friday, March 30, 2018
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.