Wednesday, November 13, 2019

Climate Exodus: Movement of the People

I’ve got love and assurance, I’ve got new [property] insurance
And I’ve got strength and endurance, so I count my blessings.
-Damian “Jr. Gong” Marley, Count Your Blessings

In 1955, the island community of Isle de Jean Charles, some 80 miles south of New Orleans, covered 22,000 acres. Since then, rising water levels and subsiding land have shrunk the island every year. Inch by inch and acre by acre, the surrounding marshes have claimed most of the island’s grassland and forests, so that today only about 450 acres remain. 

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Wednesday, October 9, 2019

New Space Offers New Solutions for Insurers Looking to Better Assess Exposure

One of the biggest issues facing CAT insurers is assessing risk in an uncertain future. As catastrophic storms increase in number and intensity, CAT insurers must prepare accordingly. Specifically, the increasing number and intensity of hurricanes in the Atlantic Ocean and Gulf of Mexico require insurers to find innovative ways to assess risk and address underwriting challenges. Over the past thirty years, insurers have been forced to adapt policies to fit the changing world. This has included the development of new or different exclusions and deductibles. 

Thursday, September 26, 2019

Revised Predictions Forecasting A More Active Atlantic Hurricane Season Are Coming To Fruition

The 2019 Atlantic hurricane season officially began on June 1 and runs through November 30, although Subtropical Storm Andrew made 2019 the fifth consecutive year to have a named storm form outside of that time frame. The Atlantic season includes the Atlantic Ocean, Gulf of Mexico, and the Caribbean Sea.

Monday, September 9, 2019

Hurricane Dorian Claims: Spotlight On Independent Adjusters’ Liability

After devastating the Bahamas, Hurricane Dorian has moved up the Atlantic Coast and is now affecting the Canadian Maritimes. Dorian was the fifth Atlantic hurricane to reach Category Five status in four years and has already broken records with sustained wind speeds exceeding 185 miles per hour. Many are attributing Dorian’s strength and fury to climate change. Although Dorian was ultimately downgraded - it is now a Category 1 after impacting the Carolinas as a Category 2/3 - it has had wide-reaching impacts along the Eastern Seaboard, and early estimates suggest the cleanup and repairs will cost tens of billions of dollars.

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Friday, August 30, 2019

Governor Extends State Emergency in Florida in Advance of Hurricane Dorian

On August 29, 2019, Governor Rick DeSantis issued Executive Order number 19-190 that extended the state of emergency in Florida to cover every county in the state. Hurricane Dorian is now predicted to be a Category 4 hurricane when it makes landfall in Florida sometime this weekend. If that prediction is accurate, it would be the most powerful hurricane to strike the East Coast of Florida since Hurricane Andrew in 1992. Early predictions paint a potential insurance exposure that could approach $145 Billion. As with Hurricane Michael which struck the panhandle of Florida in October of 2018, our previous discussions related to business interruption and concurrent causation in Florida may be relevant to claims that arise from Hurricane Dorian.

Thursday, August 29, 2019

Hurricane Dorian Approaches Florida

Hurricane Dorian is now predicted to strike Florida’s East Coast as a possible Category 3 hurricane. On August 28, 2019, Governor Rick DeSantis issued Executive Order number 19-189 declaring a state of emergency in a number of counties along the east coast. Attached is a checklist that provides some information for carriers that may be facing claims in Florida from Dorian.

Posted by William Zieden-Weber and Christine Renella

Wednesday, August 28, 2019

New Florida Case Alert: Retained Public Adjuster Was Not “Disinterested” Appraiser

First-party property policies typically include appraisal provisions requiring each party to appoint a “disinterested” or “impartial” appraiser. A Florida appellate court recently addressed the question of what makes a potential appraiser “disinterested” in a case involving a Hurricane Irma claim.