According to a recent article from Business Insurance, Insurance Information Institute President estimates the recent damages from the tornados to be at least $1 billion. Mr. Hartwig took a tour of the devastation with Oklahoma Insurance Commissioner John Doak to survey the extensive damage done.
However, Eqecat actually estimated the total insured losses to be closer to $5 billion for the multiple storms that ravaged ten states in 3 days.
For restoration contractors, this signifies a significant increase in work as they spend the next few months (and possibly years) trying to help families and businesses get back to where they were prior to incident.
The major unknown factor as it relates to the storm damages is the business interruption claims. Business interruption insurance will pay companies for any ongoing expenses and even some income while the companies try to restore their operations back to normal.
If your restoration company has questions related to business interruption insurance or would like an insurance quote, please contact our office.a