TEXAS BANK TORNADO

PRABHASH SHARMA

TORNADO

A tornado (often referred to as a twister or, erroneously, a cyclone) is a violent, dangerous, rotating column of air that is in contact with both the surface of the earth and a cumulonimbus cloud.

About tornadoIt comes in many shapes and sizes, but are typically in the form of a visible condensation funnel, whose narrow end touches the earth and is often encircled by a cloud of debris and dust.

ABOUT TORNADOMost tornadoes have wind speeds less than 110 miles per hour (177 km/h), are approximately 250 feet (80 m) across.

IMAGE OF A TORNADO

FROM NETThe Great 2000 Fort Worth Tornado occurred on March 28, 2000, moving eastward through the downtown area of Fort Worth, Texas (USA).

Damages causedThe tornado passed through the west side of Fort Worth at about 6:18 p.m.

Tore a 4-mile (5-km) path through the city, blowing out windows and causing significant damage to many of the downtown high rise buildings.

When dissipatedThe tornado dissipated around 6:28 p.m., and at its worst, was approximately one-quarter mile wide (0.4 km).

Aerial view of the tornado damage in downtown Fort Worth

The tornado

DIRECT LOSS Property loss caused by an unbroken chain of events covered under an insurance policy. In home insurance policies, for example, living room furniture lost in a fire originating in the kitchen is a direct loss.

Q.1)Direct loss as per the case

1.Property damage to building like glass windows, carpeting and electronic equipments.

2. Damage to furniture ,equipment, & valuable papers damages caused by wind and rain.

3. Re painting of entire premises to be done.

INDIRECT LOSS

1. Income loss caused by a direct loss, such as when a firm cannot sell its merchandise due to a fire at its premises.

INDIRECT LOSSES NOT COVERED UNDER ORDINARY INSURANCE

Indirect losses are not covered by ordinary insurance policies unless specifically included on payment of additional premium.

Q2)In direct losses as per the case

Expense incurred regarding shuttle bus service arranged by risk manager for bank employees.

Use of emergency facility computers, phones ,& fax machines.

Tower glass windows replaced by plywood. Rented locations for many of its employees. Provide many employees with an allowance

for their commuting expenses

Q3) LOSSES I EXPECT

LOSS OF LIFELOSS OF RESOURCESLOSS OF TIMELOSS OF MONEY ETC….

Q4) RISK ASSUMPTION