As both insurers and reinsurers are well aware by now, the destructive path left by Hurricane Sandy in many Northeast states such as New York, Connecticut, and New Jersey was devastating. To date, reports have estimated property damage at $71 billion, lost business activity at $25 billion, homes without power at 8 million, and homes destroyed at 305,000. Such damage has led to a proliferation of Sandy related insurance coverage issues.
Given the mandatory evacuation orders issued by the governors of New York, Delaware, New Jersey, and Connecticut, one coverage issue arising from Hurricane Sandy that may have a potentially large impact on the insurance and reinsurance industry is civil authority coverage for business interruption losses.
Originally published in MReBA Cover Notes on April 1, 2013.
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