Insurance advice for Sandy sufferers

After being hit by the storm, terminals may have issues with damage caused and the loss of power and other services. Although it will be a number of weeks before the full extent of this can be assessed, TT Club is advising members to prepare for insurance claims.

Significant disruption to supply chains, either through damage to goods or to infrastructure and equipment, means businesses are likely to struggle to resume operations as they start the process of recovery.

According to a new study carried out by Allianz Global Corporate & Speciality (AGCS), business interruption and contingent business interruption (CBI) – which provides insurance in the event of a failure of a key supplier caused by physical damage – account for 50% to 70% of overall catastrophe losses in the corporate insurance segment.

For many, cargo may need to be separated and spillages cleared or contained, although hazardous spillages will require appropriate personnel protection under expert guidance.

TT Club is urging its members to ensure that protection systems, both security and fire, are operational before assessing damage and to remain alert to potential hazards from damaged power services. Essential steps need to be taken to dry out electrical systems which may have been affected by the water as well as protecting against corrosion and further weather damage.