Catastrophic Weather Events and their Impact on Coverage for Seasonal Properties and Business Interruption
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Certain seasons herald an increase in particular types of severe weather events. As we have seen with Hurricane Sandy, such catastrophes can have a significant impact on property losses and, as a result, also potentially impact insurance professionals' liability exposure. Therefore, it's always opportune to discuss weather-related catastrophes and their potential impact and reflect upon the steps an insurance professional might take to ensure that customers are adequately protected and informed about the nature of the weather-related risks they face. Even if the insurance professional and client are located in an area of the country where there is a low risk of a particular type of weather-related catastrophe, the customer might still face exposure to these risks. Although the impact of weather-related catastrophes is wide-spread, this article will focus on two areas: Seasonal Properties and Business Interruption Coverage.