business interruption insurance News

Costs Rising in Minneapolis Water Main Break

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 …

After Sandy, Lower Manhattan Limps Back to Life

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 …

Attorneys Discuss Possible Triggers for Business Interruption Coverage

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 …

Q&A With Attorneys on Emerging Business Insurance Topics

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, …

Big Business Interruption Losses Looming After Sandy

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 …

Isaac Seepage Closes New Orleans Museum of Art

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 …

Wildfires: Sage Grouse Habitat Loss Could Impact Nevada Insureds

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 …

Idaho Biologists File Lawsuit After Copter Crash

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 …

Insurers, Policyholders Clash Over Business Interruption Claims

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 …

Willis Develops New Coverage for Nuclear Exclusion Risk

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 …