FOR IMMEDIATE RELEASE
NEW YORK, April 12, 2013— Reporters who have questions regarding the insurance implications of the storm system that struck Arkansas and Missouri this week, and yesterday’s tornadoes in Mississippi and Alabama, can contact the
Insurance Information Institute (I.I.I.) both today, and over the weekend.
Standard homeowners and business insurance policies cover wind damage to the structure of insured buildings and their contents, such as that caused by tornadoes and thunderstorms.
Homeowners insurance policies also provide for additional living expenses (ALE). ALE coverage pays the costs of living away from home if you cannot inhabit your house due to damage from an insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.
Damage to cars from a tornado is covered under the optional comprehensive portion of a standard auto insurance policy.
If the structure of your business has been damaged, and you have business income (also known as business interruption) insurance, it covers the profits your business would have earned, based on your own financial records, had the disaster not occurred. The policy covers additional operating expenses incurred as a result of the disaster, such as the extra expenses involved in operating out of a temporary location.
Reporters can contact the following I.I.I. insurance experts for information or interviews over the weekend:
- Dr. Robert Hartwig, President and Economist: 917-453-1885 (cell); bobh@iii.org
- Jeanne M. Salvatore, Senior Vice President and Consumer Spokesperson: 917-612-4088 (cell); jeannes@iii.org
- Michael Barry, Vice President, Media Relations: 917-923-8245 (cell); michaelb@iii.org
- Loretta Worters, Vice President, Communications: 917-620-0982 (cell); lorettaw@iii.org
- William Davis, I.I.I.’s Georgia-based Regional Representative: 770-331-9279 (cell); billjoe@bellsouth.net
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THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500;
www.iii.org