Annual Meetings-Lessons from Losses

Pdf Summary

The document discusses cases of losses related to fine arts and transportation/logistics during Superstorm Sandy, emphasizing the importance of accurate risk assessment and valuation. Lessons learned from these losses include the need for detailed inventory records, proper documentation of consigned inventory, and the importance of agreed value policies. It also highlights the risks associated with storing art in basements in flood zones and the need for contingency plans for extreme weather events.<br /><br />In the transportation and logistics sector, the document describes incidents involving wind turbine blade and base transit, stressing the significance of formal training, proper loading procedures, and oversight for specialized loads. Additionally, the importance of clear communication among all parties involved in the logistics chain is emphasized to minimize the risk of losses.<br /><br />The document also delves into lessons learned from losses in the builders' risk sector, including water damage concerns in high-rise construction, theft risks during commercial building renovations, and issues related to bridge construction and soft costs. It underlines the necessity of thorough risk assessment, proper documentation of coverage details, and clear communication to avoid conflicts during claim resolutions.<br /><br />Overall, the document focuses on the complexities and challenges faced in various sectors due to unforeseen losses, highlighting the importance of proactive risk management strategies and clear communication among stakeholders to mitigate future losses effectively.

Asset Caption

Presented by:
Bradley Cameron, Assistant Vice President Inland Marine, Markel Global Insurance; Lauren Harison, Inland Marine Underwriting Specialist, IMU; John Klinger; Vice President and Marine Underwriter, Aspen Specialty Insurance; and Danielle Volpe, Vice President, Property Facultative; XL Re America

Keywords

Superstorm Sandy

risk assessment

valuation

fine arts

transportation

inventory records

agreed value policies

wind turbine blade

loading procedures

builders' risk sector