Hurricane Sandy is a storm with little precedent on the East Coast and is likely to trigger a significant volume of commercial-property claims, according to officials at insurance broker Willis North America.
"Given the size of the storm, its potential impact will likely be widespread. The entire insurance industry on high alert," says Dave Passman, national director of national property claims for Willis' Strategic Outcomes Practice, based in New York.
Moreover, because there are widespread power outages in high-density, high-value areas in New York, New Jersey and Connecticut, "each day major facilities are closed will cost the insurance industry millions of dollars through business interruption coverage," says Joe Picone, Willis' chief claims officer.
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