In the aftermath of disasters such as floods and earthquakes, onlookers often shake their heads. They're mystified that people would return again and again to resume their lives at such scenes of destruction.
But they do. And that makes it paramount for both public and corporate risk managers to understand some critical aspects of available safeguards.
Having lived and worked in Johnstown, Pa., for a number of years, I have had some experience with flood exposures and insurance. Johnstown, once a thriving metropolis, has the dubious distinction of enduring three floods--in 1889, 1936 and 1977.
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