Hurricane Sandy - Responding To Catastrophic Losses

If your business suffers a flood, wind, or water-damage loss, the insurance claim process requires careful management.  Based on our past experience with such losses, sometimes resulting in difficult litigation, we have identified the following tips and steps for policyholders to consider immediately upon suffering an insured or potentially insured loss.¹

(1) Identify and secure all insurance policies that may respond to the losses.  You may have coverage for losses, such as business interruption losses, even in situations where no physical damage occurs to your property.  Identify other loss payees and determine whether other ancillary documents are relevant (leases, credit agreements, etc. often have provisions for providing insurance and/or payment of insurance proceeds).