How to Maximize Your Insurance Recovery for Property Damage, Business Interruption, and Supply Chain Losses After Superstorm Sandy

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It has now been over a week since Superstorm Sandy decimated the northeastern United States. Major rail, trucking, and shipping portals of the Port Authority of New York and New Jersey were incapacitated for nearly a week, disrupting global trade and supply chains. Businesses in lower Manhattan and elsewhere in the region sustained significant wind and flood damage and have been unable to complete damage assessments or restore business operations due to widespread power interruptions. Travel and hospitality businesses also have been devastated by property damage, airport closures, and canceled flights. With the massive concentration of critical financial, manufacturing, and distribution assets in the region, the disaster may have ripple effects in the form of plant closures, supply chain disruptions, and lost revenue streams around the world.

Estimates suggest that Sandy may have caused up to $20 billion in insured property damage and business income losses in the New York/New Jersey area alone, making the storm one of the most costly disasters in U.S. history.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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