On August 31, 2021, Leech Tishman Partner and Lead of the Insurance Coverage Group Michael H. Sampson was quoted in a Law360 article entitled, “Insurers Brace For Ida Claims Amid High Construction Costs.”
Insurers and policyholders typically struggle over costs for wind and water damages from hurricanes, but a Fitch Ratings report issued Monday suggests increased construction labor and lumber costs during the pandemic could result in even higher claims costs for the insurance industry following Hurricane Ida.
Mike said, “Homeowners and businesses should make efforts to assess and document their losses soon after checking on family, friends, neighbors and employees. Steps should be taken to document the damage with pictures, notify insurers of losses and inquire about any approved vendor lists, which could be useful in disaster mitigation planning and activity.”
The full article can be viewed here.