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When Hurricane Sandy struck the Northeastern United States in October 2012, many corporate risk managers and insurance companies were taken by surprise. Few were prepared for hurricane-force winds in Atlantic City, New Jersey, or for the storm surge that hit New York City. Total damages are estimated at more than $50 billion, making “Superstorm Sandy” the second-costliest hurricane in U.S. history.

As a result, insurers are reconsidering the pricing and terms of policies for businesses up and down the East Coast. Now that the 2013 hurricane season has arrived, Treasury & Risk asked Al Tobin, national property practice leader for Aon Risk Solutions, what finance and risk managers should be doing to prepare their businesses for the next major storm.

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