According to Eqecat, a firm that tracks hurricanes and analyzes their damage, estimated losses from Hurricane Sandy could be between $30 billion and $50 billion and economic damages between $10 billion and $20 billion. The city is offering small and medium-size businesses whose operations were interrupted an emergency loan of up to $10,000, but for many that won’t be nearly enough to get them up and running again. They will be relying heavily on their insurance coverage.
Flooding, a common problem from the storm, however, is “one of the more challenging parts of insurance,” said Rick Miller, managing director of Aon Risk Solutions Property Practice. Aon has a substantial number of clients in New York City, and its largest office is on Water Street (and was knocked out of service by the storm). So what do you do if you have a commercial property claim?
Here’s some advice from Mr. Miller: READ MORE …
