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RIMS and Ernst & Young Tackle FEMA Claims in Risk Insights 3/10/2010

White paper addresses financial recovery from disasters through FEMA claims

NEW YORK (March 10, 2010) — The Risk and Insurance Management Society (RIMS) and Ernst & Young announce the release of Beyond Insurance: Financial Recovery from Disasters through FEMA Claims, the latest installment of Risk Insights, their ongoing series of white papers. Beyond Insurance guides risk professionals through the often arduous process of filing Federal Emergency Management Agency (FEMA) claims.

The white paper cites increased property insurance deductibles and lower sub-limits for damage from natural disasters as an impetus for risk managers to gain a firm understanding of the FEMA claim processes, limitations and requirements.

Additionally, the paper delves into the notion that insurance claims often exhaust property insurance policy coverage before they recover all property damage, extra expense and business interruption losses. In these circumstances, many public and private companies would have little recourse to recover these uninsured losses beyond their property insurance policy. Fortunately for some entities, particularly certain private non-profit organizations, FEMA provides additional funding to recover certain emergency protective costs and property damage losses beyond insurance.

The paper was authored by Robert Reeves, a partner at Ernst & Young, and Sheri Wilson, a senior manager at the firm. Both Reeves and Wilson concentrate on complex insurance claims and dispute-related services.

This issue of Risk Insights is available to RIMS members free of charge here. Launched in 2008, this white paper series will continue through 2010.

Note: Members of the media who would like to obtain a copy of the paper may contact Amy Benson at abenson@RIMS.org or (212) 655-6059.


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About RIMS

As the preeminent organization dedicated to advancing the practice of risk management, RIMS, the Risk Management Society™, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS brings networking, professional development and education opportunities to its membership of more than 11,000 risk management professionals located in more than 60 countries. For more information on RIMS, visit www.RIMS.org.

 

For more information, contact:

Josh Salter, RIMS communications manager, (212) 655-6059 or jsalter@RIMS.org

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