Sept. 11, 2001 changed the way major commercial property claims were adjusted by many insurers, initiating a new team approach, but the method has proven more cumbersome in the aftermath of Hurricanes Katrina and Rita, one expert contends.
After 9/11, insurer teams–comprised of an independent adjuster, a lawyer, a forensic accountant for business interruption evaluation and possibly an engineer for damage assessment–were put in place, "managed by a hierarchy of authority at the company level," according to Arnold Mascali, executive vice president and counsel with Aon in New York.
As a result, he said, preparing and presenting a property claim has become "much more difficult and time consuming, which has added to the property claims challenges post-Hurricane Katrina. These claims have been dealt with–on a scale no one ever imagined–with a team coming at the policyholder asking questions."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.