Minimizing Matthew's Mess
Which way will Hurricane Matthew turn? That’s always the question with hurricanes. They don’t set exact itineraries. Their eventual paths are determined by a number of factors. While hurricanes may leave us guessing, they should never find us unprepared. XL Catlin does a lot of thinking about hurricanes – to see how we can be better prepared and help businesses address the risks they face when caught in a hurricane’s path.
For instance, property insurers like XL Catlin work with its team of risk engineers to aid in the underwriting process and to assist clients in taking preventative measures to protect their properties. Here are some helpful tools from XL Catlin’s Property Risk Engineers/GAPS team:
Seeing losses from Superstorm Sandy and other flooding, our Fine Art and Specie team helps homeowners, galleries, dealers, and other collectors make sure their high-value items are adequately protected. Check out theirProtecting Fine Art from Natural Disasters checklist.
Flood risks posed by hurricanes are on a lot of underwriters’ minds, including Bud Lockwood, XL Catlin’s Head of reinsurancebusiness in North America. He shares his thoughts on flood risks inHurricane season 2016: Spotlight on flood exposure.
And recently, Paul Simons, US Property Treaty Reinsurance, XL Catlin, shared his thoughts on fraudulent insurance claims and the misuse of Assignment of Benefits (AOB) policy provisions. The AOB provision allows an insured to assign a claim payment from the insurer directly to a third party, such as a direct payment to a doctor in the case of a healthcare policy, or direct payment to a contractor in the case of a homeowner policy. Read more about this trend in his article, “AOB abuse - a homeowner's insurance nightmare.”