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Hurricane Insurance Claims:
Practical Lessons from 2017 Claims as 2018 Numbers Swell


‘Hurricane Michael Insurance Claims Near 100,000’Orlando Sentinel, Oct. 24, 2018

Citing the Florida Office of Insurance Regulation, The Sentinel reported the dollar value of the losses at $1.25 billion since the Category 4 hurricane began its rip across Northwest Florida and other parts of the South at Mexico Beach, Fla., on Oct. 10, 2018.

Image from the Florida Office of Insurance Regulation website.

As of Oct. 28, the FOIR reported that the total estimated insured losses had jumped to $1.5 billion, with 17.8% of the claims closed.  Nearly 77,000 residential claims were filed.

There were more than 300 business interruption, claims filed — four of which were paid and 19 which were not, leaving 290 open.  Commercial property and “other lines of business” claims accounted for more than 28,000 claims.

Hurricanes often leave business owners uncertain after property damage occurs or lost profits incur in their wake. Addressing property damage and business interruption losses for these first-time claimants can be equally challenging for adjusters assigned to manage the claims process. Determining what caused the loss and the extent of that damage will be a source of tension given the astronomical claims being filed.

Join us when we will dive into these issues and more.

What we will cover:

Commercial Claims: Business Interruption, Lost Profits & More

— Contingent Business Interruption Coverage
— Dependent Property Coverage
— Legal Issues: “Causation” Including “Concurrent Causation”
— Determining Lost Profits: Loss Calculation Methodologies
— Period of Indemnity/Extended Period of Indemnity
— Utility Interruption Coverage
–Loss of Market: Changes in Regional Business Conditions
— Other Time Element Coverages: Ingress/Egress, Civil Authority, Extra Expense
— “Units of Insurance”
— Sub-Limits and Deductibles


speakers

Drew Olson, Managing Director, BDO, Dallas

Drew is experienced in assisting clients with forensic accounting and consulting services related to insurance claims, including complex property and business interruption claims for insured businesses, as well as product recall, cyber and fidelity bond claims.

BDO USA

He has served as a neutral umpire in disputes regarding complex business interruption appraisals and as an expert in mediation proceedings. Skilled at evaluating interdependency losses pursuant to direct physical damage and contingent business interruption, Drew has assisted Fortune 100 companies, manufacturers and retail businesses in preparing and substantiating complex insurance claims and analyzing losses from insured catastrophic events.

In the hospitality industry, he has prepared numerous hotel business interruption and property claims related to insured perils. He has served clients in a range of other industries, including retail, chemical and global manufacturing, food service, technology, mortgage and financial services, aviation and telecommunications. In addition, Drew has experience managing forensic engagements, including fraud investigations involving accounting and internal controls and expert witness matters related to economic damages.

Professional affiliations:
American Institute of Certified Public Accountants
Association of Certified Fraud Examiners
Illinois State Society of Certified Public Accountants
Risk and Insurance Management Society

Education:
Masters of Professional Accountancy, Illinois State University
B.S., Accounting, Illinois State University

Jared Zola, Partner, Blank Rome LLP, New York

Jared advocates for commercial insurance policyholders in high-stakes, complex litigation and corporate transactions. He represents policyholders against their insurance companies as lead counsel in precedent-setting lawsuits across the nation and at the deal table as insurance counsel on multi-billion dollar mergers and acquisitions. Jared uses his courtroom and real world experience to provide clients with practical, business-focused solutions to complex legal issues. He has helped clients secure more than one billion dollars in insurance recoveries.

Blank Rome logo

Jared is a member of Blank Rome’s Pro Bono Committee. He is also a founding member of the Firm’s Severe Weather Emergency Recovery Team, which provides clients and their employees aid and services to the relief efforts, including insurance recovery.

In 2018, Jared was appointed to two prestigious boards. He was appointed to the Rutgers Cybersecurity Advisory Board. Board membership consists of a diverse, innovative, and well-connected network of top-flight executives who have been invited based on personal and professional accomplishments. He was also appointed to Law360’s 2018 Insurance Editorial Advisory Board, whose purpose is to get feedback on Law360’s coverage and to gain insight from leaders in the field on how best to shape future coverage.

Education:
Clemson University, BA
Benjamin N. Cardozo School of Law, Yeshiva University, JD