For Presentation at the 20th Annual Advanced Insurance Law Course, June 1-2, 2023, Hyatt Regency Hill Country Resort, San Antonio, Texas - No Texas insurance practitioner.
Claims Journal
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For an incredible 10-day period in mid-February, Texas was battered by a brutal winter storm bringing snow, ice, and record-low temperatures. Millions of Texans were without power and water for days. These conditions forced thousands of Texas businesses to close during the storm. Many of these businesses also sustained property damage from pipe bursts and resulting water discharge. The property insurance claims have already started to come in. Some believe the storm will be the largest insurance event in Texas history.
Unlike most states, where power grids are interconnected, Texas has its own intrastate power grid that supplies power to 90% of the state, according to a report in the Texas Tribune. That grid is operated by the Electric Reliability Council of Texas (“ERCOT”).
Commercial Property Insurance Coverage for Texas Winter Freeze Losses claimsjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from claimsjournal.com Daily Mail and Mail on Sunday newspapers.