Shep Sepaniak EO NY Chapter President
Opened the call, acknowledged everyone’s hardship & efforts in the aftermath of the storm.
Advised the call will be focused on recovery “needs and leads” to help people get back online with family, community, business. Thanked everyone for participation.
Sarah Endline EO NY Learning Chair
Introduced the EO disaster relief “experts”
- Kevin Langley & Jude Olinger from EO New Orleans
- Damon Gersh and Joseph Steinberg from EO New York
- Stephen Kearley from EO Toronto
Outlined the agenda for the call as follows::
- 3 experts will talk for 3-5 minutes
- Kevin & Jude will share experiences from Katrina Hurricane
- Open Q&A
Damon Gersh Maxon’s Restoration, EO NY
- Spoke primarily about property damage and insurance. Key points:
- Demand goes way up and the supply goes way down. i.e. gas
- Expert services become scarce
- Time is of the essence, especially when water damage is involved
- Mitigate the damage to your property so it won’t get worse
- document your loss: take inventory, can’t take enough photos and video; need details
- get rid of the wet materials; sort to things that can and cannot be restored; remove wet carpeting, sheetrock and insulation (can cause mold problem)
- once you have exposed the walls and removed flooring, you can start to dry the building with humidifiers, cross-ventilating the space etc
- clean and disinfect to prevent mold from growing
- get repair and replacement estimates
- get a contractor to put things back and restore – but work out with your insurance company first
- Ground water and from rivers are considered flood damage NOT WATER DAMAGE
- read policy carefully for coverage on flooding, separate
- be aware of what you have available to you
Joseph Steinberg Green Armor Solutions, EO NY
- Spoke about IT security encompassing disaster recovery and data security.
- Key points:
- Time is against you once you have damage
- When there is damage, criminals exploit and fraud takes place.
- Prevention -- identify risks and plan ahead; those who have recovered from Sandy forecast for this hard winter
- Documentation is key.
- Communication critical -- basic rule for communicating with the outside: designate a specific party and ONLY use that party for communications to eliminate contradictory/confusing information and trust Be confident in rebuilding: we will recover – tragedy → opportunity to rebuild better
Stephen Kearley Benson Kearley IFG, EO Toronto
Spoke about insurance.
- Agents and brokers are extremely busy
- Extremely important to take the time to look at policy wording
- Pay really close attentions to exclusions
- Wording should be legal
- Jurisdictions and regulations may vary but wording is similar
- When you have a chance to sit down with your broker, you being educated can make a HUGE difference; know exactly what you are entitled to
- Do your policies cover flood? Deductible, etc
- Check policy for physical property damage and business interruption
- Co-insurance clause: will state the amount that you have to participate in the loss
- You may have to pay the difference that you are underinsured
- Contact Stephen if you need coaching through the legal jargon to maximize your coverage
Jude Olinger The Olinger Group, EO New Orleans
Notes that it is now 7 years post- Katrina
Wrote a 2-page “lesson plan” 6 weeks after Katrina with lessons learned after the crisis with perspective in hindsight:
- act quickly; don’t panic; time is the enemy; focus
- be prepared to use much more time and effort to accomplish tasks than they required before the storm
- don’t lose your greatest asset -- the employees -- be a decisive leader/communicator but be empathetic and compassionate
- be selfish with your time, take care of yourself and allocate time wisely
- cash is king and even more so in crisis, have reserves
- don’t count on any government assistance
- don’t expect things to be what they were before; keep moving and ignore the tendency to make things as they were before, but instead strive to make things better
Will distribute plan.
Kevin Langley Ellis Construction, Inc., EO New Orleans
Rebuilt after Katrina:
- 9 ft of water in house/5 in business after Katrina, 3-year old triplets
- eye-opening and traumatic experience
Also lost power during Gustav and Isaac
- Relationships are key amidst tragedies, quality of relationships as well
- Give and receive moral support
- You are a leader and people are looking to you
- Do not forget about yourself – there will be times of severe depression
- Someone in EO will be there for you
- Keep your head in the game
- An opportunity and reflection point to rebuild things better for professional and personal growth
- Be proactive about helping
- Adapt and think outside the box
- This is what entrepreneurship is about – thinking in terms of the new world
Question: I hired a public adjuster last year to go through my house and file a claim, and it
was very successful; is it possible for a business as well a residence?
- 3rd party independent individual a best course of action; unbiased and will fight on your behalf
- Experts in assembling and negotiating claims are focused on bigger claims right now, back to supply and demand
- K. Langley: Don’t rely on anyone else. Time is of the essence -- took 7 years after Katrina to get through the process, if you are relying on insurance money it may take a long time
- D. Gersh: There are reputable and disreputable adjusting firms; signing a retainer can be a problem strongly encourage contacting Stephen Kearley
Question: Does anyone have a good resource in navigating the FEMA programs that may be
available to us?
- Generally listed on the webpage
- There are different stages of this disaster, immediate aftermath and then recovering. Try not to rely on disaster assistance. Government assistance can often be an unmitigated disaster. Try Short term cash flow through relationship with bankers and credit line
- J. Olinger: Took 1 year before he saw any loan funds and by then no longer needed it.
- K. Langley: Use your relationships. Time can be costly.
- Government needs to be the last resort.
Question: Understanding business losses based on time out of the office, billable hours, is
there a way to be reimbursed if you do not have coverage?
- No, it must be in your policy so read carefully; would be quantified by this time last year and
- the trending since.
- Lesson from 9/11: quantity and quality of relationships; EO, vendors, bankers… have a solid credit line in place
- Darren K – Capital Once supports EO NY
Question: What are best practices while working off-site to keep morale high?
- K. Langley: Katrina revealed all of the problems in my life/business/clients; In the aftermath you have to be a leader and keep employees engaged by do what you’ve already done but being more deliberate, conscious and sensitive. I eventually had to let some toxic employees go.
- J. Olinger: worked remotely for approx. 6 months post Katrina. Be a positive leader, communicate your plans clearly, keep everyone motivated and excited about recovery, progress, opportunity and the future but be realistic. Have an open door policy.
Question: What was your time-off experience?
- We were able to keep working even though not at maximum productivity; be fair to employees and the business with PTO policy
- Guarantee payroll -- you may not be making profit for awhile, but it builds extreme loyalty and keeps morale high
Question: Matt Weisz – After 9/11 I was able to file a claim due to dependent property
coverage – (property you depend on for income). 50% of Manhattan lost power and
policy says off-premises utility service coverage; what does this mean? Does it apply to a business that doesn’t have power?
- S. Kearley: Contingent business coverage in Canada, sublimit or extension in general terms, sounds like a package policy with a lot of extensions; exactly the type of thing to look at; sounds like you have a coverage limit. What exactly am I entitled to? What extensions have they thrown in I don’t know about. Was the damage caused by wind or flood? What was the exact cause of damage?
Thanks from Sarah