Key Issues in Loss Mitigation - Catastrophic Events / Commercial Property Insurance

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1 Key Issues in Loss Mitigation - Catastrophic Events / Commercial Property Insurance Area Business Disaster Recovery Symposium Myrtle Beach Convention Center January 31, 2014 James W. Errico 1

2 Brief Bio / Background Presenter: James W. Errico, CPA, CFF, CGMA Director Lead Consultant Aon Risk Solutions Aon Global Risk Consulting Total 35 Years Insurance Accounting 27 Years of Commercial Property Claims Preparation Aon Employee for 13 Years CPA in two states Florida and New Jersey CFF (Certified in Financial Forensics) CGMA (Chartered Global Management Accountant) Member NJCPA, FICPA, AICPA 2

3 Brief Bio / Background Presentation Assistant: David Budesa, MBA Claims Consultant Aon Risk Solutions Global Risk Consulting Aon Contractor May 2011 through December 2012 Aon Employee since December 2012 Three Years Experience of Claims Preparation / Insurance Acct. BA Mathematics Siena College May 2010 MBA Public Accounting Fordham Graduate School of Business July

4 Lessons Learned From Previous Disasters Brief History and Estimated Damages: 1989 Hurricane Hugo Charleston, SC Category 4 $7 Billion 1992 Hurricane Andrew So. Florida Region Cat. 4 $26 Billion 2004 Four Hurricanes Strike FL Cat. 3 to 4 combine $50 Billion 2005 Hurricane Katrina Cat. 4 $80 Billion 2011 Hurricane Irene Cat. 3 $16 Billion 2012 Tropical Storm Beryl 70 MPH <$500 Million 2012 Superstorm Sandy Cat. 1 >$50 Billion 2013 Tropical Storm Andrea 60 MPH <$500 Million 4

5

6 Critical Issues in Property Loss Mitigation Geographical spread of operations increases the risk of incidents Any major incident puts a huge strain on your organization you need the right information to make the right decisions You need to focus on running the business, not dealing with the incident or claim Mitigating the impact and coordinating your recovery demands experienced presence on the ground quickly Insurers will mobilize experts who work on their behalf, therefore your team needs to be ready to react and offer the insurer support in documenting and quantifying the loss Getting the right result from any claim requires the right steps to be taken early, and a strong proactive approach through to resolution 6

7 Understanding Property Loss Mitigation Minimize business disruption? How Can We Coordinate all necessary resources? Initiate the claims process quickly to speed recovery and ensure the best possible result? 7

8 The Importance of Policy Checking Read the policy(ies), compare to binders, specifications, proposals and expiring policy(ies). Make sure all endorsements and forms that are listed are attached and in order Give special attention to Time sensitive reporting requirements Non-concurrencies with multiple policies 8

9 Obligations of the Insured Several sections of policies state that the Insured has obligations to fulfill under the policy In some sections this should be amended to refer to The Insured s Risk Management Department or those who are responsible for insurance - e.g. reporting of losses or duties after a loss 9

10 Flood - Property Policy Issues Typical types of Flood exclusions and limitations Absolute Critical flood zones To the extent NFIP is available To the extent NFIP is purchased usually $500K per insured location Storm surge? Aggregate limits? Flood deductibles % of declared value; % of loss Flood sub-limits very important since this will limit recovery 10

11 Flood - Remember this Understand policy limitations and definitions as respects flood coverage, limits and deductibles NFIP is only a relief not intended for full coverage Lenders have many requirements about NFIP Flood definitions vary storm surge, sea surge, tsunami, floods caused by named windstorm Flood restrictions should be communicated to stakeholders owners, investors, lending institutions, loss payees 11

12 Deductibles Per loss types for Property Damage and Business Income $ -- stated amount Both P.D. and B.I. Average daily value (ADV) B.I. Time (waiting period) B.I. % of value Both P.D. and B.I. Annual aggregate add up all covered losses reported to insurance carriers Application Maintenance Issues 12

13 Valuation Buildings Replacement cost if actually replaced; otherwise actual cash value (ACV) Add this wording to prevent unintended ACV valuation: However, limitations imposed by federal, state, municipal or other governmental building codes shall not result in actual cash valuation Historic landmark status - if properties have landmark status - RCV wording may not be adequate to replace to maintain landmark status. Obtain a comprehensive asset valuation report Check all asset valuations every 1 to 2 years 13

14 Valuation cont Inventory Generally valued at selling price for goods manufactured by the insured ACV or RCV for other finished merchandise Understand the operations and exposures. If the organization uses third parties to manufacture products a loss could be underinsured with this valuation Amend the wording to cover all inventory at selling price if that is the exposure If inventory is not valued at selling price, make sure the exclusion in the Business Interruption section of the policy as respects inventory is deleted Just because inventory is valued at selling price doesn t mean that BI is not needed. Think about turnover, time frame, seasonality and other scenarios 14

15 Service Interruption Type of utility power Transmission & distribution lines Distance requirement Direct coverage/contractual relationship Deductibles/Waiting period Sublimit Peril that caused the interruption may not be covered by policy 15

16 Service Interruption cont Make sure coverage includes property damage and time element Make sure coverage is included for all utility services including steam, water, air and telecommunications - phone and internet Can often be excluded as a result of flood or earthquake in high hazard zones Is there exposure to satellite disruption? 16

17 Ordinary Payroll What is it? Is Ordinary payroll defined in the policy? What is the time period? When is it appropriate to cover ordinary payroll? When contractually required Other? Match reported values with coverage Consider union obligations and international laws if operations are global 17

18 Loss Adjustment Expenses/Claims Preparation Fees What is it? it provides coverage for the expenses that are incurred by policyholders for the preparation and submission of an insurance claim Insurers will include coverage with sublimit Sub-limits can be negotiated - discuss sub-limits with broker and underwriter NOTE Subject to Carriers approval first requires insurer s consent to reimburse policyholder for claim prep. fees NOTE regarding insurance adjusters - with layered and quota shared programs, obtain insurers agreement on a single adjuster and name that company / person in the policies 18

19 Other Considerations DOCUMENT EVERYTHING IN WRITING Know the business, subsidiaries and location property managers Read the website, annual report, whatever information is available and compare with applications and specifications Ask questions Visit the operations if possible As often as possible (minimum annually) seek coverage and limits options, and present these options to the management and stakeholders consider paying more for extra coverage Ask for second opinions from colleagues, underwriters, wholesale brokers, other brokers, insurance consultants Aon Rapid Response 19

20 What is Aon Rapid Response? Loss Mitigation & Recovery Consulting Services: Value-at-risk analysis utilizing Aon s proprietary global mapping platform, ImpactOnDemand On-Site Aon Rapid Response expert at the loss location to immediately evaluate the extent of property damage provide loss mitigation remedies offer technical support for disaster recovery/business continuity. Coordination and management of emergency resources, remediation, restoration vendors, and environmental specialists Recommendations on temporary repairs and remediation needed to preserve and protect property by an engineer or construction expert 20

21 What is Aon Rapid Response? cont Meetings with insurer s representatives to ensure initial claim reserves are accurate Identification of probable causes to support key decisions will assist in future claims settlement and recovery Advise security professionals for protecting vital corporate assets 21

22 ImpactOnDemand Superstorm Sandy Analysis ClientName LocationName StreetAddress City State PostalCode ISO3Country PropertyValue BIValue TotalValue PropertyType Client X Tysons Corner Center 1961 Chain Bridge Road McLean VA USA $ 322,895,078 $ 56,656,571 $ 379,551,649 Distribution 22

23 Summary Pre-Loss Considerations to Commercial Property Claims Recovery Understand Loss Potentials Use Recent Events (9/11, Katrina, Insurer Contingent Commissions, Finite Risk) in Defining Potential Scope of Loss Impact on Entity Expect the Unexpected Learn from the Unfortunate Experience of Others Ensure Insurance Coverages / Limits Purchased are Adequate Maintain Adequate Policy Records (including Specifications) and Obtain New Policies from Insurers ASAP Ensure Consistent Information Retention / Systems / Controls across Organization Have Adequate, Tested Business Continuity Plan Encompassing Appropriate Exposures 23

24 Q&A The End 24

James W. Errico, CPA, CFF, CGMA Director, Lead Consultant Aon Global Risk Consulting January 30, 2015

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