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Horace Smith (Hsmith)
Posted on Thursday, September 13, 2001 - 10:07 am:   

Beyond and in addition to the horrific loss of life, injuries and destruction of major buildings, there will be thousands of much smaller time element claims.

The entire lower third of Manhattan, south of 14th Street,has been sealed off by civil authorities. There are thousands of businesses, small shops, restaurants, etc. in Chinatown, Little Italy and adjacent neighborhoods. Most of these merchants would be expected to have at least BOP coverage with some insured by CP forms. Those policies provide up to two weeks coverage when the businesses are shut down due to actions of civil authorities.

Two weeks may not sound like much, but that loss can sink many mom and pop operations. To handle these claims and to determine net income and continuing vs. non continuing expenses, adjusters will have to promptly visit each premesis, eyeball the owners and explain the specific documentation required. Some insureds, of course, will have greater damages, actual physical damages, and the "period of restoration" as defined by the policy, will govern the claim.

Beyond the horror, this is a man made catastrophe as opposed to a natural one. Methods of handling the smaller business income claims will be similar to handling Business Income claims in Andrew.

I would urge any of you willing to work in this venue, to quickly brush up on your business income adjusting skills. If you go and find accomodations on Manhattan, I would suggest that you leave your auto or truck at home.

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