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Super Storm Sandy

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Client Alert
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What Did Superstorm Sandy Teach Us?

Superstorm Sandy was an unprecedented storm and hopefully one that we never have to experience again. Approximately 1.4 million claims for personal and commercial property damage, business interruption and other losses have been filed since Sandy struck in late October. Total damages from the storm are still being calculated but industry analysts expect the total damages to surpass the $100 Billion mark. On December 31st, the Senate passed a bill for $60.4 Billion in federal aid to assist with the rebuilding from Sandy damage. Its also estmated that an addi>onal $25 Billion will be paid on non-FEMA Flood losses by the insurers in the wake of the storm.

CLAIMS

From an agency perspective, claims handling has been an integral part of addressing our clients needs in the aftermath of the storm. Catastrophe adjusters from all over the country have been appointed by insurance companies in order to assess damage which will eventually be paid by FEMA Flood policies. Wind, Fire and Back-up Sewer & Drain claims are being handled by insurance company adjusters. However, due to the backlog, some insurance companies have hired 3rd party independent adjustment firms in order to expedite the claims process....

February 2013 Client Alert: "What did Superstorm Sandy Teach Us?