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THE IMPACT OF "HURRICANE HUGO" ON THE PURCHASE OF INDIRECT LOSS COVERAGE
Joe H. Murrey, Jr., Robert L. Taylor, R. Keith Tudor and Kenneth W. Hollman
Journal of Insurance Issues
Vol. 17, No. 1 (MARCH 1994), pp. 49-62
Published by: Western Risk and Insurance Association
Stable URL: http://www.jstor.org/stable/41946077
Page Count: 14
You can always find the topics here!Topics: Property insurance, Business interruption insurance, Insurance coverage, Business structures, Insurance expenses, Disasters, Storm damage, Hurricanes, Risk management, Fire insurance
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This study examines the business community of Charleston, South Carolina which had suffered a major catastrophe, Hurricane Hugo. The objectives of this study were two fold: (1) to determine if, after experiencing an actual catastrophe, a significant number of firms either purchased or increased Business Interruption and/or Extra Expense insurance limits, and (2) to compare generally the responses from Charleston, South Carolina, with the earlier responses from previous studies of areas which experienced catastrophes such as tornados and floods. Over 75 percent of the responding firms sustained hurricane damage, and more than 63 percent considered it either moderate, heavy, or complete. More firms purchased or increased Business Interruption and/or Extra Expense insurance limits insurance after the storm. Results are compared with previous studies.
Journal of Insurance Issues © 1994 Western Risk and Insurance Association