Prolonged and torrential rains have caused widespread flooding in Texas, Oklahoma and surrounding areas. It is important that policyholders remain mindful of the substantial benefits that may be available to them for resulting economic and physical losses under ordinary business insurance policies.
Power outages, roof collapses, landslides and road closures, among other things, will invariably result in business interruptions, supply chain and logistics disruptions, event cancellations and, consequently, lost earnings and extra expenses. Likewise, damage to vendors, customers and markets, including their supply and distribution chains, will in turn lead to production slowdowns and delays, sometimes many miles away from the location of any actual physical damage. Finally, in addition to damage to existing structures, damage to properties under construction or renovation may have a significant impact on contractors, property owners and developers, while damage to occupied properties may give rise to claims against property owners, landlords, building managers and condo/property-owners associations.
Read the full client alert.