Risk Assessment: Evaluating Coverage from a Loss Perspective

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ADJUSTING TODAY

Settling Multinational and Catastrophe Losses: There’s No Substitute for Experience

Ronald A. Cuccaro, SPPA President & Chief Executive Officer, Adjusters International

The increased number of hurricanes, earthquakes and other natural disasters, coupled with “global shrinking” initiated by modern travel, communication and the growth of international business in general, has created more multinational loss activity and a corresponding increase in related claims management problems.

These catastrophes have far- reaching direct and indirect effects, not only on the insured but on the adjusting and brokerage communities as well. As a result of having participated in a number of catastrophe operations around the world, Adjusters International is familiar with many of the factors that make the resulting losses extremely complex and difficult for a broker to coordinate.

Immediately following a widespread catastrophe there is a lack of transportation, communications, accommodations and other critical support services. Manpower is overworked and expensive. Prices, especially of basic supplies and building materials, are often exorbitant, thwarting attempts to complete temporary repairs and mitigate damages.

Language barriers, local laws and customs, and differing interpretations of insurance policies originating or administered outside...

“Multinational losses in general are unique, and adjusting them is a specialized process requiring unique skills and expertise.”


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