X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
In the unfortunate event that a company or business suffers losses due to flooding, tornadoes, droughts, wildfires or hurricanes, insurance policyholders should review their policies in advance so they can be prepared to take full advantage of available coverage. (Carolina K. Smith/Adobe Stock) In the unfortunate event that a company or business suffers losses due to flooding, tornadoes, droughts, wildfires or hurricanes, insurance policyholders should review their policies in advance so they can be prepared to take full advantage of available coverage. (Carolina K. Smith/Adobe Stock)

As commercial policyholders dry out from the havoc wreaked by this year’s uncharacteristically cold winter in Texas, the relative “calm before the storm” that comes in the springtime provides an opportunity to assess insurance coverage for weather-related events. In connection with that assessment, this article provides a brief overview of both the coverages that may respond to extreme weather events, and insurance-related legal issues that may arise out of those events.

According to the National Oceanic and Atmospheric Administration, there were 22 separate billion-dollar weather and climate disasters in the United States alone in 2020. Losses from the February 2021 winter storm in Texas are estimated to be in the $10-$20 billion range. With a staggering rise in extreme weather events around the globe, there is no indication that the coming years will be any different, or any less expensive.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

America's Claims Executive Virtual Leadership Forum & Expo 2021Event

ACE Virtual Leadership Forum & Expo is the annual conference for Senior Claims Executives in Insurance organizations.

Get More Information
 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.