One lesson coming out of Superstorm Sandy is that after an event is not the ideal time for companies to try to understand the extent of insurance coverage, says an executive with insurance broker Aon.
In a webinar on the aftermath of Superstorm Sandy, Neil Harrison, group managing director for Aon Global Risk Consulting, says the storm has raised awareness among chief executives and directors about the need to have a business-recovery plan in place. That plan includes understanding the insurance policy in advance to “make sure the coverage meets what is needed.”
Too many companies renew policies without reviewing their company's assets and economic value, says Harrison. This is something that needs to be updated at renewal, and too often is neglected. This will be especially important should it be necessary to calculate business-interruption losses.
Recommended For You
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
© 2025 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.
