I teach a class on Business Risks... and thought I would put together a power point presentation for the class... to show the effects of an earth quake and a tsunami... The photos are unbelievable...
... a collapsed interstate ...
Jessica at 'Have We Met' has posted HERE about the events, and more importantly, relief efforts. Go read her post... maybe you can contribute to a great cause and pick up a beautiful photo...
I wanted my students to see what has happened... In their "busy" world, they tend to not pay that much attention to the news...
I wanted my students to see that we don't only have to worry about market risks... price risks... competition... but other events that can be far more devastating.
I also want my students to know that this kind of damage is NOT covered by standard property insurance policies... Earthquake and Flood are specifically excluded from coverage under your home owners insurance policies... and under your commercial property policies...
This is NOT to say that insurance for these types of events can not be purchased... they can. As a property owner... as an insurance consumer, we need to be aware that our standard policies don't cover these types of perils.
I am always amazed, when after a hurricane has slammed a coast line somewhere here in the US... how the media talks about 'hurricane insurance'... There is no hurricane insurance policy. If we live in a hurricane prone area, we need to make sure we purchase a flood policy along with our homeowners/commercial property policies...
If we live in an earthquake prone area, we need to make sure we purchase an earthquake policy...
After the event is a Hell of a bad time to learn what our insurance policies will or will not do...
Be an informed insurance consumer.
Know your policy coverage.
If you don't know, call your agent.
~shoes~
Hind sight. 20/20. I do not live in a catastophe prone area. That's not to say a meteor won't hit. Is there insurance for that? No matter. The situation in Japan is heart wrenching.
ReplyDeleterisk matters. it should ALWAYS be at the front of your mind. but i'm totally preaching to the choir on this one, eh?
ReplyDeleteWe are in a flood plain and flood insurance is mandatory. Hopefully, we'll never have to use it.
ReplyDeleteThanks Red, well said and well said. It's a sad time in the world right now. A good time to sing the blues.
ReplyDeleteSarah xxx
Very good point, from a business stand point this disaster is just beginning to be felt here in the USA as automotive companies, electronics companies, computer chip makers all are starting to see delays in production.
ReplyDeleteYou are an excellent teacher!
ReplyDeleteCarol
@ Wine And Words... Oddly enough, under 'named peril' policies, there is coverage for 'missiles'... which covers any kind of falling objects from the sky... so yes, it would be covered. Under 'open peril' policies, causes of loss are covered unless they are specifically excluded, which meteors is not (excluded)...
ReplyDelete@ Magnolia.. Yup... :o)
@ Jessica, I can't imagine any one living in a flood zone and NOT having flood insurance.
@ Misfits Vintage... I wonder if there are any blues songs about earthquakes and tsunamis... I dunno...
@ Carol... Thank you... you are kind... :o)
~shoes~
@ Bathwater... yeah, there is going to be great chaos in the supply chain of goods/parts coming from Japan to our country...
ReplyDeleteOf course, that lends to a discussion of 'Business Interruption' insurance...
I hope all is well with you...
~shoes~
Unbelievable pictures. Those bloody insurance companies!
ReplyDeleteIt's all so heartbreaking...
ReplyDeletexoxo
robelyn
It is so so very sad. Really makes you think!
ReplyDelete