Blank Rome issues guidance on Hurricane Harvey insurance recovery

AUGUST 31, 2019 — Businesses and communities throughout Texas and the Gulf Coast are now dealing with the catastrophic effects of Hurricane Harvey. Law firm Blank Rome has produced a timely guidance on "Insurance Recovery for Losses Related to Hurricane Harvey."

Among the points it makes are that "It is critical that policyholders assess as quickly as possible (i) the extent of their losses and (ii) the scope of coverage for those losses. Insurers will request detailed proof of the loss claimed under the policy and documented evidence of the expenses incurred in responding to that loss. Policyholders must fully understand the scope of coverage afforded by their policies to maximize the potential for recovering all covered losses."

The guidance also notes that " Policyholders should be wary of their policies' potential time traps" and that "a failure to give prompt notice may completely bar a policyholder's claim.s th"

The Blank Rome guidance notes that "Several different types of insurance policies may provide insurance for storm-related losses, but the most common are first-party property policies—including Commercial Property, Marine Property, and Marine Open Cargo, just to name a few—that protect a policyholder's place of operations and inventory and provide coverage for lost or damaged property."

Download the guidance HERE

 

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