Entertainment Brokers International

OneBeacon Insurance Encourages Businesses to Protect Against Flood Damage
3/17/2010 10:44:00 AM
CANTON, Mass, March 16, 2010 /PRNewswire via COMTEX/ -- As spring rains arrive and accumulated winter snow melts, many areas of the United States may experience significant flooding. OneBeacon Insurance (NYSE: OB) urges business owners to take proactive steps to protect their property, employees and operations from floods through the following actions: Before A Flood * Know if your property is in a floodplain, and determine its elevation and location relative to local water sources. If it is in a susceptible area, consider permanent floodproofing measures such as making the property watertight or installing pumps to remove flood waters. * Determine whether vital company infrastructure is susceptible to flood waters. * If a flood threatens, consider emergency floodproofing measures, such as sandbag walls, etc. * Review your community's emergency plans. * Develop a plan to limit losses and continue business during and after a flood. Consider moving critical employees and property to a safer location to continue business operations. * Regularly check and clean drainage systems on and around the property. During A Flood * Monitor weather reports through television, radio or online as the situation develops. Flood waters may not peak until after precipitation occurs. * Monitor the effectiveness of any floodproofing measures you have taken. * Make critical decisions for your employees and business based on the information you receive as the situation develops. Follow your emergency plans. Personal safety is most important. * If you must evacuate your property, secure the building as much as possible. Move critical items to higher levels, and make sure all windows and doors are sealed shut. Turn off the power at the main shutoff. Do not use electrical equipment when you are wet or standing in water. * Be aware of potential buildup of debris in drains. * If there is any possibility of a flash flood, move to higher ground immediately. Moving waters are extremely dangerous and can suddenly overtake a person, vehicle, or building. After A Flood * Have any standing water on the property removed by a professional contractor. * Avoid remaining flood waters. Moving waters can be dangerous, and standing water can be contaminated. * Continue to check and clean drainage systems on and around the property. * Service damaged septic tanks, cesspools, pits, and leaching systems as soon as possible. * Water can damage the structural integrity of buildings. Have any damage repaired immediately. Do not enter a building that appears to be unsafe. * Be cautious of any electrical equipment that may have gotten wet. Do not restore power until all electrically charged components have been checked. * Evaluate the effectiveness of floodproofing measures and emergency procedures. Consider stronger floodproofing measures and modify the emergency procedures if necessary. Formore information and ideas, visit these helpful online resources: The Institute for Business and Home Safety; Federal Emergency Management Agency (FEMA). About OneBeacon: OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB". OneBeacon Insurance Group's underwriting companies offer a range of specialty and personal insurance products sold through select independent agents, regional and national brokers, and wholesalers. The company's specialty businesses include OneBeacon Professional Insurance, International Marine Underwriters, Entertainment Brokers International Insurance Services, Specialty Accident and Health, OneBeacon Government Risks, OneBeacon Energy Group, A.W.G. Dewar (tuition refund), collector cars and boats written through Hagerty Insurance Agency, OneBeacon Technology Group, OneBeacon Financial Services, OneBeacon Specialty Property, and Property and Inland Marine. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon's specialty insurance businesses are national in scope while personal lines business is concentrated in the Northeastern United States. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to OneBeacon's: * change in book value per share or return on equity; * business strategy; * financial and operating targets or plans; * incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; * projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts; * expansion and growth of our business and operations; and * future capital expenditures. These statements are based on certain assumptions and analyses made by OneBeacon in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including: * claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, fires, explosions, terrorist attacks or severe winter weather; * recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate; * the continued availability and cost of reinsurance coverage; * the continued availability of capital and financing; * general economic, market or business conditions; * business opportunities (or lack thereof) that may be presented to it and pursued; * competitive forces, including the conduct of other property and casualty insurers and agents; * changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors, its agents or its customers; * an economic downturn or other economic conditions adversely affecting its financial position including stock market volatility; * actions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch; * the risks that are described from time to time in OneBeacon's filings with the Securities and Exchange Commission, including but not limited to OneBeacon's Annual Report on the Form 10-K for the fiscal year ended December 31, 2009 filed February 26, 2010. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by OneBeacon will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, OneBeacon or its business or operations. OneBeacon assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
Visit OneBeacon