Why didnt UTMB have more insurance to protect against a catastrophic event such as this?
UT System was able to obtain $100 million in windstorm and flood coverage from a commercial insurance provider in 2008. This was the most coverage available from any insurance provider. Most carriers were not interested in providing coverage because of the large Portable Maximum Loss (PML) generated by the combined significant property and business income values at UTMB, UT M.D. Anderson Cancer Center and UTHSC Houston.
Related Questions
- When I buy a home and protect it with title insurance, what happens in the event someone should challenge my ownership of the property five or ten years after the purchase?
- Why didnt UTMB have more insurance to protect against a catastrophic event such as this?
- How do insurance companies protect themselves from catastrophic loss?
