Any Community Association Board of Directors or Landlord who reads the news, knows how times keep changing and that society becomes more and more litigious with each passing year.
The 2019 Hurricane season begins on June 1st! Now is a great time to remind your client’s to review their coverage since hurricane’s are so closely associated with insurance. The hurricane season runs through November 30th, however, most of the storms hit during peak hurricane season which is between August and October. Although each hurricane season is unique, you should prepare the same way every year because these predicted powerful tropical storms wreak havoc on communities when they make landfall. It is beneficial that severe weather such as hurricanes and tropical storms can normally be tracked days ahead of any impact which provides ample time to prepare for a potential evacuation. In spite of such warnings and tracking, each year thousands are left unprepared for these devastating storms and have to deal with their aftermath.
It is often overlooked that the insurance industry paid out between $25 and $40 billion in losses following the attacks of 9-11 according to estimates. In the aftermath of these attacks the unpredictability of terrorism resulted in reinsurers excluding coverage for acts of terrorism. The consequences threatened to potentially impact the economy by restricting both …