Disasters in the last decade–such as flooding in the Midwest,hurricanes along the Gulf Coast and wildfires in California–havecaused catastrophic property damage and business interruptionlosses totaling hundreds of billions of dollars. What's one of thefirst questions a risk manager's boss always asks? “Were wecovered?”
Insurance policiescan play an important role in helping businesses recover from thesetypes of disasters, but only if claims are managed properly.
These policies may provide coverage not only for physical damageto, and loss of property, but also for the extra expenses incurredin dealing with the aftermath–losses resulting from theinterruption of business and during the time of recovery, or evenexpenses incurred in advance to minimize any damage and loss.
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