The 2025 Atlantic hurricane season began on June 1, and the TSR (Tropical Storm Risk) forecast is for 8 hurricanes, of which 4 may be intense, and 16 tropical storms. This season is forecasted to exceed the statistical norms.
In weathering these storms, many businesses will face property damage, often accompanied by loss of income. Most commercial property policies incorporate business interruption coverage and extra expense insurance. The complexity of a business interruption claim, however, combined with the disruption of cash flow to pay continuing expenses creates a difficult scenario for business owners in these situations.
In general, lost profits and extra expenses may be covered if they are caused by physical damage to covered property and other covered conditions such as damage to a “dependent business” or an evacuation order, among others. Your insurance policy will define the parameters of coverage, and limit coverage for certain losses, such as for power loss occurring outside the covered property.Continue Reading How to Build a Strong Business Interruption Claim: A Practical Guide
The Louisiana Insurance Commissioner has issued Rule 22 for Hurricane Ida which allows policyholders an opportunity to mediate disputes with underwriters for claims up to $50,000. This is a streamlined approach where each side submits a position paper and meets with an assigned mediator at no cost to the insured. Notice of this program and
Hurricane Ida brought strong winds, flooding, and mass destruction along the Louisiana coast. Although the Gulf South is no stranger to hard-hitting storms, each disaster brings a new set of obstacles for property owners and homeowners.
Piecing things back together following a natural disaster, such as Hurricane Ida, can be a time-consuming and stressful process for individuals and companies alike.