Losses Caused by Oklahoma Tornadoes: Insurance Coverage Considerations

more+
less-

Perennial hurricanes and typhoons, isolated but powerful tornados, earth-quakes, and floods — the question is not whether, but where and when policy-holders will confront the next natural disaster. In all of these circumstances, careful and proactive attention to insurance coverage considerations could be the key to restoring business operations and weathering the financial storm that inevitably follows the natural one.

Losses will arise not only from the direct damage or destruction of insured property, but also from the interruption of business resulting from that property damage, business interruption caused by damage to the property of important suppliers, customers, and other business partners, extra expenses incurred to resume normal operations, lack of access to property due to damage to buildings, roads, docks, etc., interrupted electric, gas, and water services, and other circumstances depending on the particular business involved.

The business losses will take many forms, and businesses affected should, where possible, seek to maximize insurance recoveries.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  Advances, Business Interruption, Insurers, Loss Coverage, Natural Disasters, Occurrence, Oklahoma Tornado

Published In: General Business Updates, Insurance Updates, Commercial Real Estate Updates

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.

© K&L Gates LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »