Considerations For Handling Commercial Claims From Winter Storm Uri
Thursday, March 11th, 2021 Catastrophe PropertyA record-breaking natural disaster, Winter Storm Uri, is slated to result in the largest amount of insurance claims in Texas history from a single event.
The winter storm swept through the state causing widespread power outages, water shortages, frozen pipes that burst and flooded buildings, snow or ice damage to buildings, fires, car accidents and deaths.
Reportedly, insurance providers are already seeing a torrent of claims amounting to more damages than the last major natural disaster to affect the state, Hurricane Harvey, which resulted in more than $20 billion in insurance claims.
Experts predict a large number of claims will be for damage to commercial properties as well as claims for business interruption coverage.
The following highlights some issues to consider related to these claims.
