RIMScast: Severe Weather and Insurance Strategies with Vince Morgan

Severe Weather and Insurance Strategies with Vince Morgan

Mar 23, 2021

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.

In February 2021, a massive and unseasonal storm hit Texas with frigid temperatures that spiked the demand for power and outpaced the supply. This severed power to 26 million Texans. Now, much of the United States is gearing up for severe weather as late-season winter storms intensify.

Harsh and unpredictable weather patterns present risks for business owners, but also create opportunities to improve their risk mitigation strategies to address future uncertainties. Joining Justin today discusses some of these strategies is Vincent Morgan, a partner at the law firm, Bracewell, in Houston. Vincent is also a past Chair of the Insurance Law Section of the State Bar of Texas and previously served as a Partner at Pillsbury Winthrop Shaw Pittman LLP.

Vincent speaks about severe weather storms, shares tips on what risk professionals can do to increase their awareness about infrastructure vulnerabilities and reduce potential losses, his insights on the unseasonal February snowstorm in Texas, and how he is working with his own clients to reduce their potential for significant losses.

Key Takeaways:

[:01] About RIMS’s Global Membership.

[:25] About today’s episode!

[:37] About RIMS LIVE 2021 virtual event on April 19–29, 2021.

[1:07] More about today’s show with Vince Morgan of Bracewell!

[1:46] Justin welcomes Vince Morgan to the podcast.

[1:55] Vince introduces himself and shares about the many hats that he wears in his various roles!

[2:33] Vince speaks about his role as past Chair of the Insurance Law Section of the State Bar of Texas.

[3:12] About Vince’s involvement with RIMS in the past and present.

[4:12] Though Texas is on its own grid, the unseasonal February snowstorm caught the public and officials by surprise. Was this a breakdown in communication or was it a misunderstanding about the system and the grid’s vulnerabilities?

[7:15] Many households and small businesses sustained significant damage for which there may be limited, or if any, insurance. What recourse does Vince believe they have to seek coverage or support for property, economic, and other types of losses?

[8:49] Which entities does Vince think will be held responsible for the failures that created this disaster?

[10:54] Vince shares some advice on what risk professionals and businesses can do to increase awareness about infrastructure vulnerabilities and reduce their potential for significant losses.

[13:39] About some fantastic upcoming RIMS webinars!

[14:19] Vince elaborates on how he is helping clients reduce their potential for significant losses.

[16:55] In Texas, the state mask mandate was lifted and it was a controversial action. Has Vince seen any major changes in behavior as a result?

[18:38] Justin thanks Vince Morgan for joining RIMScast and shares some of the links to check out in this episode’s show notes!

Mentioned in this Episode:

RIMS Webinars and Services:

March 23, 2021 | RIMS Presents: “Women’s Advancement in the Risk Profession”

April 6, 2021 | RIMS Presents: “How to Defeat Work-From-Home Burnout and Zoom Fatigue Using Neuroscience for Risk Management Professionals”

April 15, 2021 | “Understanding Your Fire Protections” | Sponsored by TÜV SÜD Global Risk Consultants

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