[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]

What should we expect from this upcoming hurricane season?

[/vc_column_text][vc_column_text]As of June 1st, hurricane season has officially commenced.  However; the peak months of August to mid-October are still yet to come.  According to industry forecasters, we should expect about four major storms by early September, ten storms throughout the season, and at least half of those falling in a category 3 or higher.  It is no surprise that the damages each season are increasingly devastating as sea levels continue to rise, and flooding frequency is doubled what it was 30 years ago.

These seasons financially ruin businesses, homes, and the economy as a result damages inflicted from storms.   Hurricane Irma hit in 2017, and its damages alone accounted for over $77 billion.  The biggest risk factors from these storms are high wind speeds, storm surges, and torrential rain.  Even though most commercial real estate is built to handle high wind speeds, majority are still susceptible to flooding and damage from debris.

Businesses can find protection by carrying current liability insurance and choosing a policy covering the increase frequency of accidents commonly reported during natural disasters.  First thing to consider, policy is carefully examined, and all details are understood.  In addition to a full understanding of the policy, updates to the policy need to be current after any investment in equipment or technology.  Just as important as protecting physical equipment, data infrastructure must regularly be backed up to a trusted outside source.

There are significant consequences seen nationwide after a major hurricane destroys communities.  Initially, construction repair projects prove lucrative for companies that go in after storm damage to clean up and rebuild.  Funding is received from insurance proceeds, federal relief funds, and private investments.  Companies chasing opportunities in relief reconstruction must acquire state and county licenses to legally operate, and they must fund relocating and housing skilled workers.  This leads to shortage in labor when the skilled workers relocate for better pay, leaving new construction projects at a temporary standstill elsewhere.  Not only is the labor supply depleted, but the materials for upcoming projects are more difficult to come across, specifically roofing shingles and custom windows.

Lastly, banking and insurance rates increase as a response to storm damages.  The parties impacted the most are the tenants and renters.  As a result, more mortgages are in default, lending money is more strictly controlled, and construction companies are needing more capital up front for new projects.  Investors either avoid locations with any history of hurricane damage, or they require a much higher rate from their borrowers.  With hurricane season intensifying each year, building codes continue to be amended, certain markets become seasonal, and policies regarding insurance and lending will calculate risks more conservatively.  Construction companies nationwide may want to implement an incentive program to dissuade employees against leaving their careers for temporary higher paying work in post-disaster locales.

Hurricanes and natural disasters can affect millions of people and industries worldwide.  We understand the challenges it takes to keep your construction businesses running smoothly, and GreenLight Maximum Recovery is here to help.  We believe that your hard-earned work should be compensated fully to keep your company doing what it does best.  Let our experts recover any unpaid invoices on your behalf, whether hurricane season or not.

Sources

“Construction Industry Outlook After the Hurricanes.” Aprio,

https://www.aprio.com/whatsnext/construction-industry-outlook-hurricanes-expect-lasting-impact/.

Slowey, Kim. “What the Construction Industry Can Expect Post-Hurricane Michael.” Construction Dive,

15 Oct. 2018, www.constructiondive.com/news/what-the-construction-industry-can-expect-post-hurricane-michael/539652/.[/vc_column_text][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”center” overlay_strength=”0.3″ shape_divider_position=”bottom” bg_image_animation=”none” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/4″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/2″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]Regardless of the seasons, GreenLight is here to help. Contact an expert at GreenLight Maximum Recovery for guidance. [/vc_column_text][nectar_btn size=”medium” button_style=”regular” button_color_2=”Accent-Color” icon_family=”none” url=”tel: 18334675436″ text=”Call Us Today”][/vc_column][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1/4″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][/vc_column][/vc_row]