Managing Catastrophic Losses Pre- and Post-Incident While Maximizing Insurance Coverage Recovery

Avoid potential legal issues and learn how to create and implement a comprehensive disaster preparedness plan.

The frequency and severity of natural disasters and catastrophic accidents - such as explosions, fires, or chemical releases - have increased over the last decade. While most companies have insurance coverage that can mitigate these exposures, catastrophic incidents can result in regulatory and legal liability exposure on many fronts at the same time. While the company is still dealing with the physical aftermath of an incident, it will be faced with inquiries from several different investigative and enforcement agencies and will receive attention in the press and social media. Advance planning before the incident is critical to ensuring that the company will remain in control and make smart decisions as pressured company officials are faced with responding to competing, round-the-clock demands on their time in the days and months following an incident. Further, structuring an appropriate insurance program in advance of incidents, and then ensuring proper coordination between a Company's disaster recovery team and its insurers when a disaster strikes, can be critical when attempting to avoid catastrophic business interruption losses. In this topic, panelists will discuss their experiences in advance planning for catastrophic incidents, steps which should be taken in the wake of a catastrophic incident to minimize regulatory and legal liability, and strategies for maximizing insurance coverage for natural disasters and other catastrophic incidents.