Hurricane Sandy, which struck the United States Oct. 29, 2012, caused roughly $62 billion in damage, according to a Dec. 3 Insurance Journal article, making it the second-costliest storm in U.S. history, following Hurricane Katrina in 2005.
That compares to $41 billion for Hurricane Katrina, $33 billion for the World Trade Center terrorist attack, $16 billion for Hurricane Andrew and $4 billion for 2011’s Hurricane Irene, according to Goldman Sachs research.
The 2012 Atlantic hurricane season ended up tying as the third most-active on record, with 19 named storms. Besides Sandy, Hurricane Isaac also hit U.S. shores, making landfall in southern Louisiana in late August, nearly seven years to the day after Hurricane Katrina devastated that area. Isaac was responsible for widespread flooding and at least seven deaths.
After witnessing the long-term infrastructure repairs still under way in the wake of Sandy, one thing to consider is ensuring your company has the coverage it needs. Beyond property damage, your business may be impacted even if your company is physically unscathed.
Other types of coverage worth considering include:
- Contingent Business Interruption – A business interruption due to damage at the premises of your customers, vendors or suppliers
- Civil Authority or Ingress/Egress – A business interruption due to inability of employees, customers or suppliers to reach your premises
- Service Interruption or Off-Premises Power – A business interruption and/or physical damage due to lack of power, water or communications resulting from damage to utilities
- Expediting Expense – Covers the cost to expedite shipment of mission-critical equipment or supplies
- Professional Fees – Covers the costs incurred to quantify (e.g., to pay consultants, engineers, forensic accountants) any loss your business may suffer