Dealing with mold risks in the aftermath of Sandy
Hurricane Sandy left millions of businesses and homeowners without power, facing gas shortages and with massive property destruction. The biggest threat, however, may come from mold damage left behind in flooded homes and buildings.
Already increasing at an alarming rate across the country, mold-related claims have become more public, with settlement amounts getting larger. The Alliance of American Insurers estimates that there are over 20,000 active lawsuits nationally involving mold claims filed by homeowners or building owners. That number continues to grow in the aftermath of Sandy as bacteria and mold has been left behind in homes, hotels, commercial buildings and enclosed areas that were flooded.
The financial impact and potential liability from toxic mold can leave property owners facing serious losses. Therefore, it’s critical to have a solid risk management program in place, and to fully understand the provisions of your Property Insurance policy and identify any exclusions that may prevent coverage. Click here to read our full White Paper on mold hazards, potential solutions and to learn how to make sure that your specific policy fits your needs.
About the Author
Ray Roach is a Senior Vice President at WGA, with over 30 years of experience in the insurance industry. Throughout his career, he has worked with in various aspects of environmental risk and insurance including loss control, underwriting, marketing, product development, captives and alternative risk products.