Find the latest information from Barnes & Thornburg about how you can respond to and recover from the aftermath of recent hurricanes. With a focus on helping with your business interruption and insurance recovery, this information will be kept up to date by our Insurance Recovery and Counseling group.
For more information, please contact the following Barnes & Thornburg attorneys:
Recent and ongoing wildfires in California and hurricanes in Hawaii and the Gulf Coast obviously impact businesses with operations in those regions, but every business is potentially susceptible to losses arising out of natural disasters. In our latest Policyholder Insights webinar “How Secure Is Your Business From Natural Disasters?” the panel discussed these valuable lessons:
A powerful storm pummels your city with high winds and heavy rains. After more than two days of intense wind and rain, the saturated hill behind your factory finally gives way and crashes into it. The building is severely damaged and your business operations are put on hold pending repairs. You need insurance money fast and file a claim with your property carrier.
Insurance Law Alert – Fast-Moving Texas Insurance Law Changes: Starting Sept. 1, New Insurance Law Limits What a Policyholder May Recover
House Bill 1774, passed by the Texas legislature in May, becomes law on Sept. 1 – just as Texans begin to assess the damages wrought by Hurricane Harvey. This law amends the Texas Insurance Code in a number of important ways, especially regarding what a policyholder can recover when an insurer doesn’t promptly pay a claim.
Contingent Business Interruption Coverage: Insuring the Far-Reaching Effects of Tropical Storm Harvey
Manufacturers and producers are keenly aware of the value provided by business interruption coverage. Typically, this coverage is sold to companies as one of several coverages under their commercial property insurance package. Business interruption coverage is generally triggered by physical damage to a company asset (e.g., a manufacturing plant), which causes a suspension of business activities resulting in a loss of business income.
The recent flooding in Houston in the wake of Hurricane Harvey serves as a vivid reminder that losses caused by weather events and natural disasters are becoming all too familiar sights. According to numbers compiled by Munich Re, insured losses due to natural disasters in the United States in 2016 totaled $23.8 billion, a nearly 48% increase over the $16.1 billion total for 2015. The number of catastrophes (43) was the highest number of catastrophes in the 10 years from 2007 to 2016.
Learn more about Barnes & Thornburg’s Insurance and Recovery Practice Group.
The BT Policyholder Protection blog is managed by the Insurance Recovery and Counseling Group attorneys at Barnes & Thornburg. The blog aims to be a source for news, analysis and commentary on insurance recovery issues facing corporate policyholders and insureds.