Hurricane Sandy, a storm that forecasters say is on a scale with little precedent on the East Coast, is likely to trigger a significant volume of commercial property claims, according to Willis, the global insurance broker.
“Given the size of the storm its potential impact will likely be widespread. The entire insurance industry on high alert,” Dave Passman, national director of national property claims for Willis' Strategic Outcomes Practice, says in a statement.
Willis anticipates claim activity to be driven largely by windstorm, flood, service interruption and closure by order of civil authority. In addition to normal concerns about flooding, there is also serious concern about salt water flooding as a result of storm surge, as salt water accelerates corrosion and will add to the damage toll.
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