Marshall Nadel, CPCU
The All-Weather Broker
Floods may be the most infuriating of natural disasters because they occur incrementally, and often more slowly than tornadoes, fires, tsunamis. There is time to prepare, but never enough, then the inexorable creep of the water.
"We have a complex near the Missouri River," said the insurance manager for one of Nadel's clients, "and the main plant was protected by the dike, but several outlying facilities were on the river side.
"Several years ago Marshall studied the problem -- to retain or transfer the risk, and if so how -- and found that we qualified for federal flood insurance," the client said. "This year, when the Missouri flooded, those facilities outside the dike were inundated."
Nadel, managing director with Aon Risk Solutions in Dallas, handled the claim, and the client recovered.
"Not everyone in our management agreed with the expense of that flood premium every year, but this year his guidance proved sound," the insurance manager said. "And he handled the claim without a hitch."
Gravitating from rain to sun, Nadel also placed coverage for the world's largest solar thermal power plant.
The client planned to have the engineering, procurement, and construction contract completed, and also planned to have the insurance in place in time for filing for the loan guarantee by the Department of Energy. The developer was not a client at the time, and as due dates drew closer the risk management urgency increased.
February 21, 2012
Copyright 2012© LRP Publications