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Insurance Coverage for the 2011 Thailand Floods
In late 2011, floodwaters from the monsoon season overwhelmed the low-lying areas of Thailand, including within Bangkok. In addition to the tragic loss of life and sickness to individuals, the floods caused major property damage and business interruption. Damage estimates are in the range of US $45 billion. Time Magazine, Dec. 2, 2011 (“Thailand Cleans Up; Areas Remain Flooded”). Many factories remain closed, and major crops like rice have been negatively impacted. Reuters, Oct. 28, 2011 (“Floods may damage quarter of Thai rice crop, exports hit”). Thailand is a critical link in international supply chains, notably automotive and computer components. For example, many of the factories that make hard disk drives have been flooded, leading some industry analysts to predict future worldwide shortages of hard disk drives. The New York Times, Nov. 6, 2011) (“Thailand Flooding Cripples Hard-Drive Suppliers”). One hard-drive manufacturer, Western Digital, reported estimated flood damage costs at between $225 and $275 million, with an insurance claim expected to lower the net impact. The Orange County Register, Dec. 2, 2011 (“Western Digital restarts flooded Thai plant”).
Such impacts to manufacturing or agricultural operations can have downstream effects on export markets and supply chains across the world. Businesses in the United States and elsewhere may have what are known as “contingent business interruption” losses, which in turn might be insured under their first-party property policies. A company with losses from the Thailand flooding should consider several areas of possible insurance coverage.
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