Insurance Journal » business interruption insurance

Business Frets at Terrorism Tag of Marathon Attack

Tue, 14 May 2013 01:28:38 +0000

President Barack Obama’s declaration that the Boston Marathon bombings were an act of terrorism could make it difficult for many affected businesses to be reimbursed for losses resulting from the explosions. Federal law enacted after the 9/11 terrorist attacks requires …

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Defining Terrorism for Policies Not a Simple Task After Boston Tragedy

Thu, 25 Apr 2013 16:47:00 +0000

There are a number of issues involved in determining whether the Boston bombings tragedy would be considered a terrorist act for insurance purposes such as determining the applicability of terrorism exclusions and terrorism coverage. The matter is not clear-cut and …

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Small Biz Owners Were Hit Hard By Sandy Outages, The Hartford Finds

Thu, 21 Mar 2013 16:10:33 +0000

Among small business owners in New York, New Jersey and Connecticut who were impacted by Superstorm Sandy, some 71 percent of them experienced power outage after Sandy, which led to temporary disruptions in business operations in many cases, according to …

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Strong Growth in U.S. Manufacturing Brings Supply Chain, Other Challenges: Travelers

Tue, 26 Feb 2013 15:16:55 +0000

Manufacturing in the United States is in a growth phase, according to a survey by Travelers Insurance that found nearly three out of four executives in the manufacturing sector have either expanded their products or services in the past year, …

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Costs Rising in Minneapolis Water Main Break

Mon, 07 Jan 2013 06:16:47 +0000

Minneapolis, Minn., officials said they haven’t begun to tally the costs of a massive water main break that sent 14 million gallons of water gushing into downtown streets last week, submerging dozens of vehicles and forcing local businesses to shut …

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After Sandy, Lower Manhattan Limps Back to Life

Wed, 28 Nov 2012 15:39:57 +0000

The hum of massive mobile generators, boilers and pumps emerges blocks from Manhattan’s Financial District and turns into a steady din south of Wall Street — the now-familiar sound of an area laboring to recover from Superstorm Sandy. Other parts …

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Attorneys Discuss Possible Triggers for Business Interruption Coverage

Tue, 20 Nov 2012 14:18:39 +0000

Superstorm Sandy devastated residents and businesses in the tri-state area. With a nearly unprecedented two-day closure of the New York Stock Exchange, as well as week-long closures of the metropolitan area’s mass transit system, New York’s financial services sector and …

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Q&A With Attorneys on Emerging Business Insurance Topics

Tue, 13 Nov 2012 23:22:26 +0000

As companies large and small grapple with losses in Sandy’s aftermath, a number of critical — and costly — business questions have emerged. Darlene Alt and Robert DiUbaldo, two experienced insurance attorneys from international law firm Edwards Wildman Palmer LLP, …

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Big Business Interruption Losses Looming After Sandy

Young Ha — Fri, 02 Nov 2012 15:32:37 +0000

As the insurance industry makes assessments for superstorm Sandy’s impact, analysts say there is now the potential for significant business interruption (BI) and contingent business interruption (CBI) losses. Fitch Ratings said that while many lines of insurance will be affected …

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Isaac Seepage Closes New Orleans Museum of Art

Fri, 07 Sep 2012 16:05:05 +0000

The New Orleans Museum of Art says it is closed because water from soil saturated by Hurricane Isaac is seeping into the basement, administrative offices and other areas. Seepage into the basement of the century-old building was a major hurdle …

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Wildfires: Sage Grouse Habitat Loss Could Impact Nevada Insureds

Don Jergler — Thu, 16 Aug 2012 22:57:03 +0000

If you’re a business in Nevada, it may not be immediately clear why you should be concered with the state’s nearly dozen wildfires that are consuming almost 600,000 acres and destroying sage grouse habitat. But the fires, which have so …

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Idaho Biologists File Lawsuit After Copter Crash

Mon, 09 Jan 2012 16:04:44 +0000

Two biologists with the Idaho Department of Fish and Game injured in a helicopter crash while attempting to dart elk, moose and wolves for a study have filed lawsuits against the pilot and others. The lawsuit seeks damages that include …

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Insurers, Policyholders Clash Over Business Interruption Claims

Mon, 07 Nov 2011 14:48:07 +0000

Over the years, insurance companies and policyholders have been arguing in courts over how to calculate business interruption losses during catastrophes. This is the type of coverage that is often ignored until there is a loss. But once there is …

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Willis Develops New Coverage for Nuclear Exclusion Risk

Fri, 02 Sep 2011 10:41:13 +0000

Willis Group Holdings plc announced from its London office that it has developed a new insurance product “to cover business interruption costs for companies with key locations, suppliers or customers situated in the vicinity of a nuclear power station, should …

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Professional Liability Insurance Services Unveils Bed Bug Insurance

Wed, 15 Jun 2011 15:53:31 +0000

Professional Liability Insurance Services, Inc. – Underwriting Facilities, on June 1, launched business interruption and extra expense insurance coverage for bed bug infestations for lodging facilities. The firms says it is the first to introduce the coverage. Policy features include: …

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Business Groups Back Expanding Federal Flood Insurance Options

Andrew G. Simpson — Mon, 14 Mar 2011 13:59:31 +0000

Expanding a federal program that is already $17 billion in debt might seem like a non-starter of an idea on budget-sensitive Capitol Hill these days. However the idea is included in a Republican-drafted reform of the National Flood Insurance Program …

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