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Edwards Wildman Insight: Superstorm sandy has forced many businesses to face questions they never thought they would encounter.
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© 2012 Edwards Wildman Palmer LLP & Edwards Wildman Palmer UK LLP
Edwards Wildman Insight: The Business Impact of Sandy
Perfect Storm Raises Coverage Questions
♦ Corporations and Small- to Medium-Sized Businesses are still recovering and regrouping in the aftermath of Sandy.
♦ The storm has forced many businesses to find answers to questions they never thought they would face.
♦ Edwards Wildman attorneys Darlene Alt and Robert DiUbaldo recently discussed these new issues with Insurance Journal.
For more insight, visit Edwards Wildman’s InsureReinsure blog.
Was Sandy a Hurricane or a Bad Storm? The Definition Matters
♦ Fully understand how Sandy was categorized when it hit landfall in your area.
♦ Several states – including New York, New Jersey and Connecticut – issued orders or guidelines post-Sandy that prevent insurers from imposing hurricane deductibles on claims.
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Sandy: Key Coverages For Businesses
♦ Contingent Business Interruption coverage protects businesses against lost income due to supply interruptions caused by physical damage to a supplier’s property.
♦ Utility Interruption coverage protects businesses for income lost due to an electrical outage.
♦ Lack of Ingress/Egress coverage includes losses sustained when you cannot get to or from the property because of blocked roads or other destruction.
♦ Bottom line: Review policies carefully to understand what coverage exists for Sandy-related claims.
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© 2012 Edwards Wildman Palmer LLP & Edwards Wildman Palmer UK LLP
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