After Hurricane Sandy lashed the Caribbean Countries, killing at least 69 people, the storm churned north and threatened Northeastern residents. As this strong storm bore down on billions of people in the East Coast, it shut down public transportation, schools, businesses, and even led to the stock market’s first weather-related closure in almost three decades.
The full damage caused by this storm will not be known for several weeks or months. However, the Federal Emergency Management Agency and other authorities have released some nationwide preliminary estimates that include:
- $2.5 to $3 billion in wind damages
- $5 to $10 billion in residential and commercial property damages
- Up to $20 billion in economic damages
At the Voss Law Firm, we understand that natural disasters like Hurricane Sandy affect business owners significantly. Business owners have property, buildings, employees, fixed costs, and lost opportunities to worry about during times like these. When floodwaters or power outages make it impossible to work, small and large businesses must close and suffer the financial consequences.
Not only are there property damages to commercial buildings by the high winds, floods, and saltwater in a storm like Sandy, but there are financial effects from the halt in business. Experts believe that lost business from this super storm can reach up to 45 percent of the total property damage claims. And New York may be at the top of the list for commercial damages from business interruption claims.
New York and Commercial Damage Claims
Because New York is dense and has many businesses including small, medium, and large companies, lost business and commercial property damage could be significant in Manhattan and throughout New York City. Not only will New York suffer, but effects will ripple through the U.S. economy, especially impacting small and medium businesses.
While some New York companies were able to reopen quickly, others will be forced to stay closed for longer durations while power is restored and damages are repaired. When a business is forced to close down for days or weeks, it may never be able to make up for lost time. This is why business interruption insurance is critical for business owners to get back some of their losses.
For help understanding your insurance policy or for help filing your commercial insurance claim to make sure you are recovering as much as possible, turn to an experienced commercial insurance claim attorney. You can reach the Voss Law Firm at 888-614-7730 for a free consultation with a skilled insurance lawyer to find out how we can help you receive the highest insurance claim payout possible. You can also get a free copy of our book, Commercial Property Owners Must Read This BEFORE Filing an Insurance Claim.