With reports that Hurricane Lane is on course for collision with Hawaii, businesses and risk managers need to take steps now to prepare for potential loss and business interruption.
An organization must have the ability to quickly implement mitigation plans after a loss, with the goal being to resume normal operations. This process should be fluid and provide flexibility and innovation to identify risks by location, prepare response strategies, organize critical resources and address evacuations and restoration processes. - Frank Russo EVP of Procor Solutions + Consulting
1. What are the greatest risks by location, and what do we do for each?
2. What are the business-continuity plans by location, including alternate sites?
3. In the event of loss, who is the team, internal and external, that will help me recover at this location?
4. When we need to prove damages, how do we account for key equipment and contents and keep track of warranty and maintenance records?
5. Where can we manage key emergency documents for the location, including evacuation procedures?
In addition to the above questions, Joe Critelli of Procor Solutions + Consulting has compiled a checklist for clients that can assist decision makers in preparing for Hurricane Lane. Download the complimentary checklist here> Pre_Loss Checklist
As it’s been more than 10 years since a major hurricane made landfall in the U.S., Hurricane Harvey will test many risk managers’ insurance programs and response plans. Such disasters are complex, and decisive decision-making could mean the difference between staying in business and closing for good.
How First-Party Insurance Policies Respond To Catastrophic Weather Event Losses – Analysis By Sherilyn Pastor, Practice Leader of McCarter & English’s Insurance Coverage Group, and Arnie Mascali, the President and Founder of Procor Solutions + Consulting.