Annual Meetings-Lessons from Losses Natural Catastrophe: Hurricane Harvey

Pdf Summary

The document discusses the impact of Hurricane Harvey on a shipyard in Texas and the subsequent insurance claim process. The insured shipyard with multiple locations in the Texas Gulf Coast suffered damage due to the hurricane, with 3 out of 4 locations being affected by extensive flooding and property damage. Despite having insurance coverage with policy limits in place, the total scope of damage exceeded the coverage amount, leading to the policy limits being paid out and the claim being closed.<br /><br />Key lessons learned from this experience include the importance of clear policy language to avoid claim adjustment difficulties, the necessity of defining terms like Named Windstorm through endorsements if not already included in the policy, and the need to determine which deductible applies in the event of a catastrophe. The document emphasizes the significance of understanding and addressing these aspects to ensure smoother claims processes and better risk management in the face of natural disasters.<br /><br />Overall, the case study highlights the unforeseen challenges that can arise during claim settlements following catastrophic events like hurricanes, underscoring the importance of thorough policy review, clear definitions, and proactive risk assessment strategies for businesses operating in high-risk areas.

Asset Caption

Presented by : Hillary Drewry, Markel Assurance

Keywords

Hurricane Harvey

shipyard

Texas

insurance claim process

flood damage

property damage

policy limits

claim adjustment difficulties

Named Windstorm

deductible