If there is one thing that is continually stressed in any discussion about catastrophe management for insurance agencies, it is having a plan in place and knowing what it is. While that might sound obvious, you would be surprised how few heed such simple advice, disaster recovery experts say.
In a webinar sponsored by Zurich, put on in July by National Underwriter and its sister publication, American Agent & Broker, virtual attendees were asked how many had a catastrophe plan in place. More than half affirmed that they did, but 60 percent said they had not revised it or conducted drills to assure its effective execution within the past 12 months.
Calvin "Cal" Beyer, vice president and head of manufacturing for Zurich North America Commercial, said it was a mistake for organizations not to practice and continually revise their disaster scenarios, warning such plans should be treated as "a living document."
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