Hurricane Katrina Causes Widespread Losses to Policyholders: Policyholders Should Act to Protect their Rights to Insurance Coverage

Hurricane Katrina has caused very substantial loss throughout Louisiana, Mississippi, and Alabama. During the rebuilding process, our insurance recovery lawyers are working with our clients nationwide to ensure that they recognize that significant insurance assets may be available to help restore businesses, bring employees back to work, and provide compensation for business interruption. Specifically, our insurance recovery teams are reviewing policies to assess the extent of coverage available for losses to physical property and business income from the hurricane and its aftermath and to assure that proper notice of claim is tendered.

As you may know, commercial first party property insurance generally covers not only physical damage to business premises and inventory, but also includes coverage for the loss of business income and for extra expenses incurred during the period in which the business operations have been adversely affected. In addition, businesses that are not in the immediately impacted area but who have important customers or suppliers that have been impacted may be entitled to insurance coverage for their business losses. Additional coverage may be available under Environmental Impairment and other forms of “specialty” coverage. The coverage analysis, claim documentation and presentation issues in connection with Katrina damage may be quite complex. Our insurance recovery lawyers can immediately assist you infully understanding your coverage and in making all appropriate insurance claims.

For the full story, please view the PDF.