Along with homeowners and car owners, many business executives and CEOs have experienced devastation from Hurricane Sandy. The New York Stock Exchange was even closed down for two days straight after the storm hit New York City. Business owners are left with damaged office buildings and insurers are working with companies on claims processing protocols.
The Insurance Information Institute (I.I.I.) wrote in a press release that companies have the right to file claims with their insurer following a hurricane, as most business insurance policies offer coverage for damage related to this natural disaster.
"After a major disaster, it can take more time than many people anticipate getting a business back on track. Depending on the policy, there is generally either a 48-hour or 72-hour waiting period before business interruption coverage kicks in," Loretta Worters, vice president of the I.I.I., said in the company press release. "For business interruption to be triggered under civil authority, there also has to be some physical damage in the area where the property is located and coverage typically lasts up to 30 days."
However, Hurricane Sandy is not the only storm that has caused additional issues within the Northeast. A winter storm hit New Jersey, Massachusetts and New York this Wednesday night. NBC News reported that power outages were renewed and evacuations were called for again for Sandy-torn regions.
An additional 100,000 blackouts were experienced by residents of the East Coast. Transportation continues to experience problems, as many trains had delays and airplanes had to cancel flights during the snowstorm.
Insurance companies on the U.S. East Coast will need the assistance of a claims vendor organization, as claims processing work is sure to increase after the damaging storms.