Is your earthquake history being reported by you? One of the biggest challenges in assessing your earthquake history is being able to accurately and fully report. Do you have the capacity to accurately and fully report and alert authorities about the hazard you are exposed to? Your options are limited to make significant changes in your behavior or you can employ a full-service, certified and insured company that can assess the risk for you.
Many companies make it a point to identify and report all the hazards, events and claims they receive. It is in their best interest to maintain that process accurate, thorough and timely. This is why they work with a full-service, certified and insured professional that can assess the risk for you. While you may be getting reports directly from their insurance agent, you are still making a judgment call on what’s in your past. So how do you know if this approach is the right one for you?
Assess your preparedness. If you have been actively involved in your community and all family members have been safe during and after the earthquake, then you probably are a good candidate for the assessment process. How far ahead of time do you need to be to ensure that your claim or hazard report is going to be accurate? If you are not ready to make the effort to secure your documentation as part of your assessment, then it might be better to try the other route of calling your provider. Once again, this process has to be accurate and timely.
Find out how and where your emergency response company is storing your hazard information. This will also depend on how you hire them. How many times are they going to use the same storage space? Is there a backup plan for a catastrophic event or will it be your responsibility to find another location for your earthquake history?
What does your professional’s level of education and experience include in assessing the risk you are exposedto? How do they determine that you are at risk for an earthquake? What are the factors they are looking at to determine the risk? Are they looking at the geology or the behavior of the soil and rocks?
When they have determined that you are at risk for a hazard, what is their next step? Do they require a plan to respond to the event? If so, what is it? What steps are they going to take?
This is the time to confirm with your insurance provider. If the assessment was done by the Earthquake History Service, is the coverage the same as the coverage you have in place. You want to make sure that everything is covered under both plans so that you can have peace of mind that you are covered. You can also confirm that there is a backup plan in place should the situation arise that requires your immediate attention.
Evaluating your current situation is just the first step. You must know what your risk is and have a plan of action for your company. And when you determine that you are not ready to make the investment of a full-service, certified and insured firm to evaluate your risk, you need to be able to make a judgment call on what your company can do. Finding a way to provide effective risk management is your opportunity to make a difference for your future.