TT Club publishes best practice guide to minimising storm damage
24 May 2006
While New Orleans gradually climbs out of the troubles caused by last year's flooding TT Club has launched a loss-prevention initiative in the form of a 45-page guide to help port and terminal operators minimise the damage caused by windstorms.
In the wake of significant windstorm damage to marine facilities in the last three years, and with the 2006 Atlantic tropical storm season looming, the Club is making a determined effort to ensure its members are well prepared for the unpredictable months ahead.
Last year's Atlantic hurricanes - Katrina, Rita and Wilma - gave rise to gross claims under TT Club policies of just under US$60 million. Although effective reinsurance mitigated the net cost to about US$2.5 million, the Club is clearly eager to share the wealth of knowledge it has accumulated regarding windstorms, the damage they cause and the steps operators can take for themselves to minimise losses.
TT Club's latest windstorm booklet has been distributed free of charge to members, who can obtain additional copies electronically by download from the members' area of TT Club's website at www.ttclub.com. The booklet offers practical advice on emergency planning, preparations that operators can make before the storm, what to do when faced with an imminent storm warning and how to recover as quickly as possible.
The booklet is, its authors acknowledge, a 'synthesis of many conversations and experience gathered in dealing with the aftermath of storms.' It draws not only on the experiences of the Club but also on other specialist organisations worldwide.
Andrew Webster, TT Club's loss prevention director said the publication was "an important demonstration that insurance can and should be about more than just picking up the bill." He added: "The distillation and sharing of all this knowledge and practical advice exemplifies the ethos of a mutual insurer and demonstrates one of the many benefits of mutuality - a proactive loss-prevention programme that works to the good of all policy-holders."
ENDSNote to Editors:
The TT Club is the international transport and logistics industry's leading provider of insurance and related risk management services. Established in 1968, the Club's membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice.
The new Windstorm booklet is now available for non members to purchase either in hard copy or as a pdf. For further information please contact:
Ian Lush, Marketing Director, TT Club
Tel: +44 (0)20 7204 2642
Peter Owen, ISIS Communications
Tel: +44 (0)1737 248300
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