The cost of a natural disaster can be challenging to quantify, particularly for the energy industry. The effects of a natural disaster are rarely confined to the geographical area they occur in and therefore have long reaching consequences. While some effects are obvious, many are less visible, but still have devastating consequences.
The most noticeable and immediate effects of a natural disaster are the loss of life and infrastructure destruction. However, once the storm clears, many businesses are still left unable to operate. Infrastructure destruction means roads, buildings, and communication technologies are left disrupted, or wholly unusable. This leads many businesses to close their doors, incurring massive amounts of lost revenue.
Cost of a Natural Disaster on The Energy Industry
The energy industry is often hit hardest by disrupted business. Damage to rigs, refineries, or power plants causes a shortage in energy. When Hurricane Katrina hit the Gulf Coast in 2005, it damaged many of the refineries and rigs crucial to the oil industry. Because refineries in the Gulf refine nearly half of all U.S. gasoline consumption, the damage during Katrina caused the price of oil to skyrocket due to a shortage in production.
It’s crucial for businesses to get back up and running as soon as possible after a natural disaster. It’s important for commercial insurance claims to meet filing deadlines and for you to take the steps necessary to protect your legal rights.
Raizner Slania Has Extensive Experience With Insurance Claims
The attorneys at Raizner Slania are insurance litigation professionals whose main concentration is handling bad faith insurance claims. After Hurricane Ike, our lawyers served on the litigation steering committee for the $25 billion in damages. We focus on pursuing commercial insurance carriers that deny, delay, or dispute insurance claims.
If your commercial insurance carrier has acted in bad faith regarding your energy company’s natural disaster damage claim, the experienced insurance litigation team at Raizner Slania can evaluate your potential claim. Please contact us today for a free initial consultation. We handle all bad faith insurance litigation cases on a contingency fee basis, meaning your business pays us nothing unless we help you recover financially.