Hurricane season is always a time of year in which everyone along the Gulf coast (Texas through Florida) and the East Coast brace for impact. From businesses to schools, local governments to neighborhoods, everyone takes precautions when it comes to being ready for possible destruction that can come their way. And rougher-than-usual hurricane seasons in recent years, including major storms such as Harvey and Maria, education around preparing for hurricanes is more vital than ever.
This rings true for those in the oil, gas and fuel industries. Many of the major corporations that line the coasts have a foundation in these industries, making it easy to see the overall economic impact that can hit the regions. When providing insurance for fuel and propane dealers, it’s important to understand the risks as well as the overall potential losses that may accrue.
Impact of Recent Storms
Hurricanes Maria, Harvey and Florence all made an impact in their own respective ways. With many different industries strung along the Gulf Coast and the eastern seaboard, there were a vast number of risks to look out for. When it came to oil refineries in the Gulf states, major flooding and dangerous weather conditions brought all systems down in the summer of 2017 and shut down 10 refineries in Texas, which in turn caused a bit of a financial heartache.
What came next were transportation issues as many major roadways were underwater, causing difficulty in transporting products. The entire backup to the system had a domino-like effect in its economic impact.
How Insurance Providers Can Be Prepared and Help
The best defense is a good offense. While no one can stop storms from happening, insurance providers can do their best to offer the right support and options for companies in need. When fuel and propane companies are looking to cut costs or shift focus of funds to different areas in order to financially prepare for a storm and its impact, insurance providers can show why having insurance, and certain options attached, are vital.
Offering propane and fuel insurance coverage is a niche option, but important for those looking to wade through the hurricane season that comes every year. Companies are looking for extensive risk management support that identify hazards before they turn into claims. Reducing exposure means fewer claims, which helps companies to save on insurance premiums.
Another way in which providers can help their clients during a hurricane season is to provide dedicated account managers and staff on call. Having the availability needed to serve clients to the utmost will calm worries, alleviate stress and provide a sense of trust and transparency from the start.
Finally, having in-house claims advocates available will help to make the process of filing a claim more efficient. Having a smoothly run insurance company makes a world of difference after the storms have passed and clients are left picking up the pieces of their operations.
About Tangram Insurance Services
Located across the Golden Gate Bridge, just outside of San Francisco, Tangram is a full-service Managing General Underwriter and Program Manager offering specialty programs. We focus on industry-relevant coverage, competitive pricing, and practical business and risk management solutions for your clients. Since we are not all things to all people, we make sure to create outstanding custom-built solutions that matter to those businesses, and the brokers who serve those industries. Contact us at (888) 744-9810.