Page 24 - Delaware Medical Journal - January 2018
P. 24
and the anticipated recovery period was
resulted in a saving of time and more than $10,000 in the cost of recovery.
HURRICANE MITIGATION RETROFITS
Hurricane protection technology has advanced dramatically since the 1990s. Indeed, a number of hurricane-prone states like Florida are actively promoting simple, buildings to become more hurricane resistant. Understanding how these changes can impact you in the event of a natural disaster is critical. From roof reinforcements to leak- proof window shutters to vertical bracing
of garage doors, USI can work with clients to conduct risk assessments to determine strengthen homes against hurricanes but also earn insurance premium discounts.
For example, at the recommendation of USI and an insurance carrier, a client replaced a garage door to meet the building code for Miami-Dade. The new garage door cost approximately $2,800.
Soon after the upgrade, the client, whose home was insured for $1.3 million, suffered damage from Hurricane Wilma. Fortunately, the garage door was able to withstand the hurricane-force winds, limiting damage. In addition,
the deductible on the USI policy was 2 percent instead of 5 percent due to the new garage door. The deductible applied to this loss was $26,000, rather than $65,000, saving the client $39,000.
PROTECT AGAINST POWER FAILURE
during natural catastrophes. In fact, 70
percent of power outages in the United Sates are weather related.
In regions that are prone to catastrophic loss it is good risk management to install a gas generator that may also provide a premium credit.
Based on USI’s experience, a $7,000 investment in a new generator could result in a premium credit of $600 in addition
to the reduced damage from a potential power failure.
BUILD A SAFE HAVEN
Residential safe rooms are becoming more popular as families seek protection from violent tornadoes, a thousand of which occur every year in the United States, leading to roughly 60 fatalities. For residents in tornado or windstorm- prone areas, a safe room or pod in a home can be used as a temporary shelter during an event and may also serve as a place to secure valuable items.
set by the Federal Emergency Management Agency and the International Code Council, a safe room is a hardened structure designed to provide near absolute protection from wind events such as tornadoes and hurricanes.
always best to evacuate quickly. However, the safe area or facility can be constructed minimize property loss. Many carriers now the insured property from the impending client pre-register for this service. USI Personal Risk advisors can assist clients in completing the required enrollment process.
SECURE SECONDARY OR SEASONAL HOMES
As part of its pre-disaster planning, USI works with insurance carriers to assess clients’ vulnerability to natural disasters, including:
• Registering properties in a database to identify if they are in the path of a storm
• Inspecting properties to determine their ability to withstand a loss
• Providing guidance on steps that can be taken as a storm approaches
• Offering post storm assistance to reduce further loss.
Take the case of a USI client with a Florida secondary home. When Hurricane Wilma hit, the client, who was in his primary home in Connecticut, was unable to
travel immediately to assess the damage. USI’s Personal Risk Management team and the insurance company coordinated loss control steps with a local caretaker pre-storm and arrived at the property post storm to assist with boarding broken windows, tarping the roof and securing entry doors.
Due to the magnitude of the storm, contractors were unavailable immediately after the storm and the estimates to secure the home exceeded $15,000. Still, based on USI’s pre- assessment the client did not incur
any out-of-pocket cost and was able to negotiate an agreement that included post storm services into the claim.
CONTRIBUTING AUTHOR
■ KATHLEEN KENNELLY is a personal risk specialist for USI Insurance Services.
24
Del Med J | January 2017 | Vol. 90 | No. 1
