After Hurricane Harvey slammed into southeast Texas on August 25, 2017, our colleague Shannon O’Malley posted about the contingent business interruption (CBI) claims that would inevitably follow due to damage suffered by refining, chemical, and petrochemical facilities that supply critical products to manufacturers and other businesses across the country and around the world. (See “Contingent BI: Why Do I have a Hurricane Harvey Claim from Hoboken?”)
Thursday, September 28, 2017
Tuesday, September 19, 2017
Earthquakes & Hurricanes in Mexico (Any End in Sight?): Tips for International Insurers
A powerful 8.1 magnitude earthquake struck southern Mexico late Thursday, September 7, 2017. According to the U.S. Geological Survey, the epicenter of the earthquake was in the Pacific Ocean off the coast of the state of Chiapas – the southernmost state in Mexico. Because of the magnitude of the quake, its effects were felt throughout Mexico and as far north as Mexico City – 600 miles from its epicenter. Approximately 50 million people across Mexico felt the tremors from the quake. The earthquake, one of the most powerful ever recorded in Mexico, toppled hundreds of buildings, and killed at least 61 people.
Maria – Re-Post of Puerto Rico Claims Checklist
With the Imminent Arrival of Hurricane Maria in Puerto Rico, we are re-posting our claims checklist for Puerto Rico.
Maria - Concurrent Causation in Puerto Rico
While Puerto Rico was spared a direct hit from Hurricane Irma, it now appears it will face the full brunt of Hurricane Maria. Maria is projected to strike Puerto Rico as a Category 4 Hurricane. Many of the same concurrent causation issues that we predicted may occur with Irma are also likely to exist with Maria and may be even more pronounced with the increased severity of damage from Maria.
Friday, September 15, 2017
Irma - Florida Office of Insurance Regulation Emergency Order
The Florida Office of Insurance Regulation has issued an Emergency Order related to Hurricane Irma.
Continue reading.
Continue reading.
Thursday, September 14, 2017
Will Reinsurers Sustain a Direct Hit From Hurricane Harvey?
While predictions and analyses abound regarding the potential hit from Hurricane Harvey direct insurers may take, the potential impact to reinsurers has received considerably less attention. In the aftermath of this historic storm, some are beginning to ask, “will Harvey hit reinsurers where it hurts?” The answer is: “it depends.” For some reinsurers, including the reinsurers of the National Flood Insurance Program (NFIP) and reinsurers with exposure to auto risks, the storm is all but certain to deal a significant blow. For others, however, Harvey may not pack the same punch. Uninsured flood losses and/or high attachment points may shield many reinsurers from the worst of it. For those reinsurers that are exposed, the way in which ceding carriers aggregate their claims could be crucial to determining the overall reinsurance exposure.
Monday, September 11, 2017
Why Do I Have A Hurricane Harvey Claim From Hoboken?
As businesses and insurers sort out the impacts of Hurricane Harvey, it will take time to assess the physical damage and resulting business interruption losses. Invariably, however, business interruption impacts from Harvey will not just be felt along the Texas Gulf Coast. Texas’ significant refining, chemical and petrochemical facilities supply critical products to businesses throughout the U.S. and abroad (and to each other). To the extent that those supplies are disrupted, businesses located far from the Lone Star State may choose to assert contingent business interruption (“CBI”) claims under their own first-party property policies.
Subscribe to:
Posts (Atom)