business interruption News

Experts See Expanding Role for Parametric Insurance, Including for U.S. Disasters

Catastrophic losses this year due to extreme weather events have led to a growing interest in parametric insurance in the U.S., according to industry experts. Parametric coverage is also gaining traction as hazard modeling continues to improve, weather stations more …

Patron Injured After Car Crashes Into Maine Diner

Police in Maine say a man has been injured and another man arrested after a car involved in a collision barreled into a diner. According to police, three vehicles were involved in a collision in Sanford around 3:36 p.m. Tuesday. …

Paid ‘Climate Leave’ May Be Next Employee Benefit

Even the workplace has to adapt to the warming world. As climate change creates more intense storms, companies have started preparing for work disruptions due to extreme weather. In a sign of the times, Fog Creek, a software company based …

Wineries Looking to Make Up Losses Following California Wildfires

A month after deadly wildfires swept through California’s famed wine country, hot-air balloons are floating again over Napa Valley vineyards splashed with fall colors. On the heels of the disaster, a new winery is opening, keeping the name it chose …

Idled Tennessee Chemical Plant Maintains Staff After Explosion

A chemical plant in Tennessee that will likely stay idle until next year has maintained its staff of almost 700 workers as it recovers from an explosion there in September. The Chattanooga Times Free-Press reports that Wacker Chemical expects to …

Utility in California Expecting $200M in Costs for Power Restoration after Fires

A California utility expects costs to be as much as $200 million for restoring power after last month’s devastating wildfires. The San Francisco Chronicle reported Friday that Pacific Gas & Electric Co. chief Jason Wells told investors he will seek …

Hundreds of Utility Crews in Maine as Power Outages Continue

Hundreds of out-of-state utility crews are in Maine to help the state recover from a strong storm that pounded the Northeast and left about 1.5 million homes and businesses without power. Maine was one of the hardest hit states with …

Difficulty of Messaging After Tragedy Shows up in Vegas Rebranding

As volunteers streamed in to donate blood, doctors tended to the wounded and investigators scoured the scene of the deadliest mass shooting in modern U.S. history, Las Vegas tourism officials moved quickly to protect their valuable franchise in a city …

Willis Towers Watson: Hurricane Harvey Could Upend Commercial Insurance Prices

Hurricane Harvey could upend a trend of nearly flat commercial insurance prices that has continued since 2015, Willis Towers Watson said in its latest industry survey. “Insurers are bracing for a significant volume of complex commercial property claims, as well …

Troubled California Gas Facility Has One Third of Wells Shut Down

The largest gas storage facility in the West halted using a third of the wells pumping methane underground at high pressure just weeks after it resumed operations following a blowout that crippled it for nearly two years. Southern California Gas …