Hurricane Harvey and its aftermath have brought extensive damage to property and disruption to businesses over a wide area of Southeast Texas and extending into Louisiana. Companies should examine their insurance policies and promptly take steps to preserve and maximize coverage for their losses. The need for prompt action is particularly acute because a new Texas law restricting policyholders’ remedies takes effect on September 1, 2017.
Type: Client Alerts
Hurricane Harvey and its aftermath have leveled unprecedented destruction and damage on Southeast Texas, and caused massive property damage and business disruption. Impacts are being felt well inland, and are extending to Southwestern Louisiana as well. Unfortunately, the slow-moving and lingering nature of the storm has exacerbated the extent and duration of the injuries to residents and business located and doing business in numerous locations, including Corpus Christi, Galveston, Houston, Austin, and surrounding cities, and has interrupted oil and gas operations in the Gulf of Mexico and interfered with operations at many Texas ports. Total losses for damage to property and interruption of business are likely to be measured in the billions of dollars, and the struggle to repair and rebuild are likely to take months or, in some cases, years.