You're watching...
Howard Altschule, president of Forensic Weather Consultants, on assessing the damage caused by Hurricane Sandy, which he estimates will be in the bill...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Breaking news from the New York Stock Exchange which is on your screen right -- -- up officials there are saying.
There's been no damage to the trading headquarters -- lower Manhattan.
That would quote and -- trading floor operations as of now we -- told we were told you earlier that market officials are conducting a call that's at 10 AM.
Eastern to determine if the markets will be open tomorrow.
Now the worst of the storm is over at least on the East Coast and now.
It's that time to assess the damage to start to fix it joining us -- power council he has from a four forensic whether consultants Howard.
First in a whole lot of numbers being tossed around.
On just how expensive this normal being.
What's your call.
In the billions.
Yes there's no doubt it's going to be well into the billions of dollars.
The flooding is probably going to be the biggest culprit here lots of structural damage I'm not only from the storm surge but also.
Parts of New Jersey senior river flooding in the reservoir flooding and then we have -- business that's occurring look at the New York Stock Exchange is closed.
Two days in a row which hasn't happened since 1888.
-- huge huge monetary -- for the United States but especially the tristate area.
Howard because this storm as opposed -- last -- weather event that we had at least on the East Coast.
The flooding verses wind.
Which one is easier servers all of which one gets the money because I know that it feels like the -- It's -- hung up a whole lot of you know rebuilding on the rebuilding process.
The you know my company's forensic whether consultants and I work done a lot of purchase and related cases -- Katrina now Hurricane Wilma and Blake for the insurance companies and also for the attorneys and homeowners.
And one thing that.
Is most -- -- -- -- is still flood insurance.
What most people by -- -- home owners insurance policy covers wins.
It and that a loan doesn't cover -- so places that didn't have flood insurance may not be able to collect from their insurance policy.
So it's much easier to our -- and then get an insurance coverage.
Full wind storm related events but even then a lot of the insurance companies have what they call windstorm deductible.
Which means whether it's -- needs -- such as a hurricane when it makes landfall or not will determine what percentage.
The deductible -- -- have to pay.
Yeah -- Tom Sullivan I don't you get used jumped on the point I was I was gonna make about.
How flood insurance is.
But two parts about a -- I used to have a home years ago that was innate flood plain live designated as such so -- had to have flood insurance but even that the flood insurance was.
-- it barely Carmen and leave you really got some damage and and for people who don't live in a flood -- do they really have flood insurance.
Yet that's I think you know there's definitely look at like a hundred years storm or what have you as a baseline.
And if you're in a flood -- but as we know this was one of the biggest records.
Storm surge in many areas including downtown Manhattan.
And so.
Who knows what's actually gonna happen I suspect that are beginning calls from marble the insurance companies in the attorneys representing -- homeowners' insurance company.
There's going to be a lot of our conflict send our lawsuits I think.
In regards to encourage these insurance claims and and typically where wind damage does and does damaged.
-- the hurricane center changed and and change the form of -- CMB to a post tropical storm.
-- post tropical cyclone -- just before landfall.
That may affect -- hurricane deductibles and what the homeowner have to pay a person -- insurance company requires something that's going to be arguing point I think come down the -- -- -- -- gotta tell did this it feels like there's always you know some sort of twist to all of this is -- just history thing but.
You certainly have your hands -- so -- a lot of Americans thanks a lot we appreciate my.
