In the aftermath of disasters such as floods and earthquakes,onlookers often shake their heads. They're mystified that peoplewould return again and again to resume their lives at such scenesof destruction.

But they do. And that makes it paramount for both public andcorporate risk managers to understand some critical aspects ofavailable safeguards.

Having lived and worked in Johnstown, Pa., for a number ofyears, I have had some experience with flood exposures andinsurance. Johnstown, once a thriving metropolis, has the dubiousdistinction of enduring three floods--in 1889, 1936 and 1977.

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