"As Ben Franklin, ironically of lightning rod fame, once said, “In this world, nothing can be said to be certain, except death and taxes.” Well, he was almost correct. He forgot about insurance cost increases."
CLEARWATER, Fla. (PRWEB) July 16, 2019
Bruce Kaiser is the founder and President of Lightning Master Corporation and a leading international authority on the mitigation of lightning and static damage at industrial, commercial, chemical and oil & gas facilities. Kaiser has authored numerous articles on static and lightning solutions for domestic and international trade and professional publications. In addition, he has been a guest speaker and spoken at many professional organization trade shows and seminars. He also holds multiple patents on various technologies including lightning and static protection.
Kaiser believes preventive measures can reduce the threat of damage from lightning strikes. His company has recently created an interim standard for lightning protection for production and disposal sites. However, even with the best preventive and protective measures in place, lightning strikes can still occur.
Kaiser recently published an article in the July issue of Tank Storage Magazine.
To quote Kaiser's recent article:
"As Ben Franklin, ironically of lightning rod fame, once said, “In this world, nothing can be said to be certain, except death and taxes.” Well, he was almost correct. He forgot about insurance cost increases. As a result of increased claims activity from lightning strikes, many insurance companies are now restricting or excluding coverage for lightning damage. This is passed along to owners/operators who discover at the time of policy renewal that if coverage has not been excluded then insurers have at least imposed higher rates or higher deductibles, or both in some cases. In the case of higher deductibles, insurers are increasing these not just a little, but a lot. It is not unusual to see the deductible for lightning damage jump from $50,000 to $500,000. This is unreasonably and particularly burdensome for operators in high lightning areas." Kaiser concludes.
In addition to an interim standard, Lightning Master has helped create a unique insurance product that provides low-cost and low-deductible coverage for lightning damage. This product, Tank Assure 360, is being offered by Lloyds of London through Ed Broking of London and JH Blades of Houston.
Each year, lightning strikes cause billions of dollars in damages, and this doesn’t take into account the downtime companies experience. Lightning Master Corporation has become a leader in analyzing and delivering risk assessments for multiple industries, including oil and gas.