business interruption News

Insurers Forecasting Significant Claims from Businesses from Hurricane Florence

Days before Hurricane Florence is expected to slam into the U.S. East Coast, insurers are starting to see potential claims costs tick upward as people flee and companies halt operations. Evacuations, already affecting more than 1 million people in and …

Wisconsin Refinery Damaged by Explosion, Fire Expects 2020 Restart

A Wisconsin refinery damaged by an explosion and fire earlier this year is not expected to resume operations until 2020. WDIO-TV reports Canada-based Husky Energy said in its second-quarter earnings statement Thursday that the refinery in Superior, Wisconsin, is not …

Rising Missouri River Impacting North Dakota Marinas

Rising water levels in the Missouri River are impacting Bismarck, N.D., marina businesses that have had to deal with inundated docks and problems with power. The U.S. Army Corps of Engineers increased water releases in June from the Garrison Dam …

10 Months After Harvey, Popular Texas Beach Town Still Recovering

Hurricane Harvey battered Deven Bhakta’s Port Aransas, Texas, hotel until it was uninhabitable. The Austin American-Statesman reports the Category 4 hurricane’s 130 mph winds blew out windows and stripped parts of the roof off the three-story Holiday Inn Express, while …

North Dakota Businesses Hobbled by Trucking Delays

North Dakota businesses that rely on truck drivers for supplies have been experiencing delays due to mandated electronic logging devices. Delivery times to Dakota Gasification Co. have sometimes doubled or tripled after the Federal Motor Carrier Association began requiring the …

San Antonio Among Numerous Texas Cities With Drought Water Use Restrictions

Some South Texas cities have started restricting water usage due to dropping Edwards Aquifer levels amid drought conditions. The Edwards Aquifer Authority this week announced Stage 1 pumping restrictions after the 10-day average level of an index well dropped below …

How Parametric Products Work to Supplement Indemnity Policies: RIMS

Corporate risk managers are buying parametric insurance policies to supplement, not replace, their indemnity-based policies. The parametric products worked well with customers hit by the 2017 hurricanes, according to Robert Nusslein, head of Swiss Re’s Innovative Risk Solutions Americas, who …

SBA Loans Made Available in New Mexico, Arizona for Drought Economic Injury

The Small Business Administration says disaster loans are available to small nonfarm businesses in 13 counties in New Mexico and one in Arizona to offset economic losses because of reduced revenues caused by drought in two of the New Mexico …

Effects of Cyber Breaches on Corporate Bottom Line: Viewpoint

Cyberattacks are an increasingly common threat to business, with risk officers listing cybersecurity as their greatest concern and more than 2,200 confirmed data breaches in 2017, according to a new report from Verizon. The headlines about hacking often focus on …

Wildfires Cost Montana $240M In Visitor Spending, New Research Shows

University of Montana researchers say the 2017 fire season likely cost Montana about $240 million in visitor spending. The Institute for Tourism and Recreation Research said Tuesday that 12.5 million out-of-staters visited Montana last year and spent $3.36 billion. Economist …