The insurance company my husband works for insures Disney all over the US and maybe non US. They have reps all over FL now but I have no idea which rep is handling this. My husband will be leaving for hurricane Ivan in a couple of days. I am also a claims rep.
Typically a company the size of Disney will have large deductibles on any property ($100,000 is considered small) There is normally a 5% deduct. for winds damage and if the building is worth$100 Million then the deduct would be at least $5M. They most likely have business interruption which will cover loss of income if related to a covered loss. What the unknown is how does this policy address hurricanes and what is the deductible. Every policy is different.
So best case is high deductible and property and business interruption is covered by insurance.
Worse case is there is a policy exclusion for hurricanes and no coverage for anything (which I do not believe Disney would run the risk of buying that type of policy).
While repairs will begin immediately it is not uncommon to take 1 year plus to so to actually concluded the whole claim and that will depend on how much damage and loss of income is being claimed. So I don't believe the insurance issues will be resolved anytime in the near future.
What will happen for sure is the insurance premium and/or deductible will go up for Vero.
Typically a company the size of Disney will have large deductibles on any property ($100,000 is considered small) There is normally a 5% deduct. for winds damage and if the building is worth$100 Million then the deduct would be at least $5M. They most likely have business interruption which will cover loss of income if related to a covered loss. What the unknown is how does this policy address hurricanes and what is the deductible. Every policy is different.
So best case is high deductible and property and business interruption is covered by insurance.
Worse case is there is a policy exclusion for hurricanes and no coverage for anything (which I do not believe Disney would run the risk of buying that type of policy).
While repairs will begin immediately it is not uncommon to take 1 year plus to so to actually concluded the whole claim and that will depend on how much damage and loss of income is being claimed. So I don't believe the insurance issues will be resolved anytime in the near future.
What will happen for sure is the insurance premium and/or deductible will go up for Vero.
