CHAPTER 1
HAZARD AND ENTERPRISE RISK MANAGEMENT
RISK QUOTE: More than at any other time in history, mankind faces a crossroads. One path leads to despair and utter hopelessness. The other to total extinction. Let us pray that we have the wisdom to choose correctly.
—WOODY ALLEN, MOVIE PRODUCER
RISK QUOTE: Better to remain silent and be thought a fool than to speak out and remove all doubt.
—ABRAHAM LINCOLN, U.S. PRESIDENT
Hurricane Andrew
In 1992, Hurricane Andrew caused significant losses to Allstate, State Farm, and other insurance companies because Florida insurance law did not handle flood and wind damage properly. If wind took off the roof before a storm surge destroyed a house, how much would separate wind and water policies pay to reimburse ...
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