Insurance Coverage For Storm Devastation

Law360, New York (June 1, 2011, 3:42 PM EDT) -- As storms rip through the southern and midwest U.S., businesses nationwide struggle to determine their losses. The May 22 storm that hit Joplin, Mo., left much of the city leveled. In Tuscaloosa, Ala., alone, where a tornado hit on April 27, the American Red Cross estimates that at least 5,000 properties have been destroyed.

Catastrophe modeler Air Worldwide Corp. has estimated insured losses resulting from recent storms and tornadoes at up to $5.5 billion already. Moreover, the catastrophic destruction we see in these communities is only...
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