Coastal natural hazards analysis of risk exposures

Historically, natural hazards have played a major role in directing coastal and waterfront development. During the past decade, we have been given a wake-up call by earthquakes in Kobe, Japan; Taiwan; and during the World Series in San Francisco; not to mention hurricanes such as Iniki in Hawaii, Hugo in South Carolina and Andrew in Dade County, Florida. Additional hazards include tsunamis, tornadoes, flooding, volcanoes and extreme winds. Coastal and waterfront infrastructure and development are typically more susceptible to damage and destruction from natural hazards than inland facilities. Because of this, higher limits of insurance coverage are desirable and sometimes mandated by lending institutes or bonding companies. Insurance premiums for waterfront and coastal facilities have skyrocketed due to the high risk of exposure. This paper will present a procedure to analyze the risk of waterfront and coastal facilities in relation to natural hazards such as hurricanes, tropical storms, floods, tornadoes, lightening, earthquakes, and extreme winds. The analysis will assist persons responsible for waterfront facilities, such as ports and marine terminals, in making sound decisions regarding levels of insurance coverage for various assigned risks. A case study is included.