Editor's note: Bob Khosropur is senior vice president of Mariposa Insurance Services
The polar vortex is an anomalous weather event that can be as devastating as more common natural catastrophes. The Insurance Services Office (ISO) is assigning catastrophe numbers to these events, and the events themselves are causing billions of dollars in commercial property damage. Even if we don't give the cold a name or a number, cold snaps can bring businesses to their knees.
This year has started out with some exceptionally cold weather, especially in southern states which are not accustomed to prolonged winter weather conditions. The concept of “reasonable care” included in many insurance policies to prevent damage from cold weather has traditionally been interpreted differently in, for example, Florida versus Minnesota. But this year's extreme conditions are making the meaning have a more equal definition for the whole mainland.
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