Over the past 15 years, the United States has witnessed some of the most powerful and destructive storms ever documented. There was Hurricane Katrina in 2005, Hurricane Ike in 2008 and Superstorm Sandy in 2012, just to name a few. Hurricane Matthew is the latest tragic reminder of the power of Mother Nature. In the Caribbean, Matthew ravaged Haiti and the Dominican Republic, leaving more than 1,000 people dead. Here at home, although the worst was avoided, over 40 people were killed, and property from Florida to North Carolina suffered an estimated $10 billion in damages.
A properly planned, implemented and maintained insurance program is the very best way for a business to shield itself from the devastating financial impact of a severe weather event. Yet, a surprising number of in-house lawyers and top executives fail to give insurance the attention it deserves. Rather than making insurance policies and coverage professionals the centerpiece of their crisis management plans, many C-suites simply “buy and shelve” their policies. More importantly, they relegate risk managers, coverage lawyers, insurance brokers and forensic accountants to the “we’ll call you if we need you” pile.
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