Property Insurance Roundtable
About This Show
Property Insurance Roundtable from Adjusters International features property and casualty insurance experts discussing current issues affecting first party claims. Each podcast focuses on a topic taken from an issue of Adjusting Today, a publication from Adjusters International that is written from a policyholder’s perspective and includes real-life examples intended to improve disaster preparedness.
Most Recent Episode
Disaster Recovery Planning: Preparation is the Key to Surviving Disasters
According to the Insurance Information Institute, insured losses due to natural disasters in the U.S. totaled 16.1 billion dollars in 2015 and 15.3 billion dollars in 2014. Some of the most expensive disasters to hit the U.S. included Hurricane Katrina in 2005, the World Trade Center explosion and fire in 2001, Hurricane Andrew in 1992, Hurricane Sandy in 2012 and the Northridge California Earthquake in 1994. How can businesses prepare to weather these types of events and the cost associated with them? The chances of a full and expedient recovery are greatly improved when a comprehensive disaster recovery plan is in place. This discussion explores how and why those organizations that anticipate what could happen, and plan for it, stand a much better chance of surviving. Our experts review the basics, disaster recovery planning, coupled with interesting facts and statistics about the impact of natural and manmade disasters. Key Takeaways: [2:20] Is it true that natural disasters are happening more frequently or are we just paying more attention to the property damage cost associated with these disasters? [4:33] According to the Insurance Institute for Business and Home Safety, many businesses aren’t prepared to respond to a manmade or natural disaster. Does this statement surprise you? [6:15] Are there differences between business continuity plans, continuity of operations plans and disaster recovery plans? [7:42] How can a business test their level of disaster preparedness? [13:47] What are the main steps in the disaster recovery plan development process? [15:24] When developing a disaster recovery plan, why doesn’t a one-size-fits-all approach work for every organization? [18:31] What types of challenges a planning team can run into when developing their disaster recovery strategy? [20:32] If an organization has no disaster preparedness plan in place, why is establishing their team the most important aspect? [26:42] What goals should be met during the first disaster preparedness planning step? [29:52] In the Adjusting Today publication the second step in the planning process is to analyze capabilities and hazards, how should the planning team conduct this analysis? [33:23] Did 9/11 spawn