Basics of business interruption insurance

Part of protecting your business is getting the right insurance coverage. At the least, you have general liability and workers' compensation. Others you may have purchased include commercial auto, professional liability and property insurance.

4 ways to get a faster insurance payout

Like most of your neighbors, you work hard for the things you have in life. To protect your assets, you have insurance. You also regularly pay your premiums to ensure your coverage does not lapse. After a natural disaster, though, your insurance provider may be slow to review and pay your claim. 

State looking for help with hurricane cleanup

The Florida Division of Emergency Management has been ordered by the state's governor to get money quickly to areas impacted by Hurricane Michael. The governor also said that he was going to push federal officials to further reimburse the state for costs related to cleanup efforts. The federal government is expected to reimburse about 75 percent of those costs. However, Florida's governor is going to ask that this figure be increased to 90 percent.

Claims due to Hurricane Michael

Having been hit by Hurricane Michael, the state of Florida is still reeling from the aftermath of this devastating tragedy. The county hit the hardest was Bay County, which has filed 81,736 claims as of Jan. 4, 2019, causing the state's total losses to reach $4.88 billion. These numbers mark an increase in the county's reporting of the damage: In the previous month, the number of claims was 79,178 with a state total of $4.3 billion.

The aftermath of Hurricane Michael

Having hit Florida, Hurricane Michael has caused damages worth 10$ billion to $12 billion according to insurance analysts. That being said, there have been around 137,000 insurance claims filed so far, totaling $5 billion, $1.5 billion of which was for agricultural land. This is not to mention the human cost, which includes the death of 43 individuals and the evacuation of 375,000 others. As a result, the state of Florida has a long way to go in order to recover from this catastrophe.

Commissioner urges insurers to close Hurricane Michael claims

Hurricane Michael caused widespread damage throughout the Florida Panhandle in the fall of 2018, so it's no surprise that thousands of insurance claims were filed. However, Florida's Insurance Commissioner is urging insurers in The Sunshine State to close undisputed claims more efficiently. In a memorandum, he reminded property and casualty insurers of a Florida statute that requires them to pay undisputed claims or partial full benefits within 90 days of the date they were first notified of those claims.

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