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Insurance Institute President Bob Hartwig on the industry’s response to Hurricane Sandy.
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Bernard -- of president of the insurance Information Minister it is essentially an economist good morning doctor hard work -- -- -- -- Good experience well call this morning -- Island and Westchester county new York and you know powers and out -- saying nine more days.
-- they're not.
So was one of the 200 doctor -- by the -- dot.
Well thank you doctor about it as.
-- -- Yeah IEA erratically like becoming doctor Bob and its industry can go ahead.
-- -- outlook -- that a Ph.D.
in economics and neck in.
Loans.
Well outside of the insured under your -- they are a lot ebitda right now we're looking at perhaps lobsters and surplus prisoner.
Ten billion dollar range the National Flood Insurance Program -- gonna pay billions of dollars more.
And but then on Portillo -- get a lot of people don't have things like flood insurance and there are a lot of things that are simply uninsured like people losing work.
Because of the fact that their their jobs don't have any power and so forth that it can't get the work.
Lot of anger uninsured so that caught the drag on the economy overall.
Do you choose to -- -- we how we deal work financially very strong came into -- third quarter of this year very very strong financial -- got the logistical resource at the army of adjusters are swarming into the area.
They even have the authority to cut -- on the spot for people who need not the place to live -- all is really badly damaged.
Yeah event like that episode -- plant floor and beleaguered audit data that event did.
Event like Hurricane Katrina caught three times as much -- I'm just much -- industry finance those as well.
-- -- -- Robert hardware grew as the president.
-- the insurance Information Minister I was gonna last year but the process was for people to take advantage of their.
Insurance now for example -- new Jersey Shore.
Or -- -- Bernard Lozada enough.
All -- -- Allen saw saw there in terms of justice are -- are -- in those areas now.
Yes they are -- fact that many here insurer thirty Africa Patrick B response vehicles these are big our beat they've got -- prominent place that part shopping mall parking lot.
And there -- out there and you know you can call you're juror of course the usual but -- you have problems with that try to visit one of -- -- response vehicles.
On our web site at III dot ORG -- a list of every single company emergency response telephone number such.
So they can get a record out -- how to be in touch with due out of -- -- -- some other place.
To get the claims process thought the idea that you get money in your -- -- quickly as possible.
So -- on evidence flood insurance.
Are fortunate to have that wasn't a world what -- insurance cover -- example put ourselves what's.
What's so they -- first floor -- -- essentially.
Not destroy dissimilar damaged by.
Both of bio water but let's just say it is an average flood insurance 11 insurance does Seattle under.
Well right unfortunately in -- situation.
Or this slight damage you have flood insurance.
People in that situation are -- uninsured they may be able to apply for a federal grants a lot better being a bit and made available drop the disaster area President Obama has declared most of the impact -- Federal disaster already.
I think we'll take some time to get that released by that might -- -- courts and MacKay.
-- there a difference between flawed.
And hurricane insurance.
Well hurricane insurance is just in -- traditional insurance it's the same insurance that covers you if you're on the damage in some other kind of weather events.
Or damaged by a buyer or even.
So that's the same kind of shirt he had probably -- -- -- -- no matter how it occurs.
Yes you need policy through the National Flood Insurance Program and that's what include storm surge or their regular water that came out the -- that the type of flooding worker came -- river.
That all fly and most of the people that didn't speak barrier island of New Jersey would have had that -- your bank if you have a mortgage would require you to carry but it the prudent thing to do anyway.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- As a result of the hurricane -- a flawed but essentially would need flood insurance because -- hurricane would cover arm or my misery demons.
Reality of the policy got beat this standard homeowner's insurance policy -- you know hurricanes tornadoes.
You -- you name it any kind of -- but under no circumstances that it ever cover lighting water which is -- and but under all circumstances.
That's what I'll speak covers why not -- water whether it's from a hurricane or.
No matter -- -- stadium that broke it doesn't matter what well it would cover that.
Aren't -- -- thank you very much Robert -- right -- president of the insurance.
Information essar that is -- -- until --
