Winter Storm Brutus: Could The Weather Channel’s naming plan cost people money? [Chicago Tribune]
By Rob Manker, Chicago Tribune | |
McClatchy-Tribune Information Services |
Some property insurance policies carry named-storm clauses, which can escalate an insured's deductible for damage caused by a named storm. In exchange, the policyholder typically pays lower premium amounts than those whose policies don't include such a clause.
After hearing of
Not so, says
"The vast majority of the (clauses) that I've looked at require that the storm be named by the
"A lot of the (clauses) define named storms as including hurricanes, tropical depressions and tropical storms. Obviously, there's no mention of winter storms in the endorsements I've been seeing."
TWC announced last month that it would assign names to winter storms that meet its criteria: events that involve snow and ice and/or extreme temperatures or wind; that significantly affect travel; and that the network thinks people need to know about. First was Athena on the
The
Though,
"It's a possibility," Hackett said. "At this point, I haven't seen any discussion of expanding the named-storm deductible to include winter storms, but that's not to say there aren't some companies out there talking about doing just that."
Twitter: @RobManker
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David Vacca Joins Deloitte & Touche LLP’s Governance, Regulatory and Risk Strategies Practice as a Senior Advisor to Insurance Sector Clients
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