Keyword
business interruption
Business, interrupted
April 3, 2020 Brooke Smith, Freelance WriterBusinesses can lose revenue in any number of ways. Increasingly, they can be shut down for political risks that are beyond the company’s control. Examples of emerging business interruption risks include trade wars, armed conflicts, or political protests. As businesses…
The huge price tag of U.S. political interference with COVID-19 BI exclusions
March 31, 2020 by David GambrillPoliticians in New Jersey, Ohio and Massachusetts have all drawn up proposed legislation that would force U.S. property and casualty insurers to pay for some business interruption claims for COVID-19 retroactively. The American Property Casualty Insurance Association (APCIA) says the…
HUB’s advice to corporate clients who don’t have COVID-19 coverage
March 25, 2020 by Greg MeckbachHub International is encouraging corporate clients to report business interruption losses arising from COVID-19 even if they think those claims will likely be denied. “This way, the insurance companies can provide the official response,” said Mike Moyer, Toronto-based senior vice…
Will commercial BI policies cover pandemics after COVID-19?
March 24, 2020 by David GambrillWill COVID-19 cause Canada’s property and casualty insurance industry to start introducing pandemic business interruption coverage, in much the same way Calgary’s 2013 floods prompted the industry to introduce overland flood coverage into home insurance policies? Don’t count on it.…
Why business interruption worries Canadians more than cyber
January 14, 2020 by Adam MalikBusiness interruption outranked cyber incidents as top concerns for Canadian businesses, brokers and trade organizations, according to a new report from Allianz Global Corporate & Specialty. Globally, however, it’s the other way around. When the annual Allianz Risk Barometer, which…
Take-up rates low in this line of commercial insurance: Lloyd’s
October 22, 2019 by Greg MeckbachIs your client’s loss of income covered if the business got interrupted because of a catastrophe that hit a supplier? That depends on what the policy says and whether the client actually bought contingent business interruption (CBI) insurance. And these…
Alberta grocer’s subrogated $761,000 profit loss claim before the courts
October 9, 2019 by Greg MeckbachAfter an Alberta shopping mall experienced its fourth roof collapse, an IGA supermarket lost millions in sales because it had to close for more than six months. A business interruption claim of nearly $800,000 followed, but the calculation of the…
St. Paul Fire & Marine wins business interruption coverage dispute
August 7, 2019 by Greg MeckbachSay a commercial insurance policy stipulates that a coverage dispute lawsuit cannot proceed unless the client launches it within a year of discovering the loss. What happens if there is business interruption both before and after start of the limitations…
Why record Great Lakes levels could cause billions in business losses
June 28, 2019 Christopher Reynolds - THE CANADIAN PRESSRising water levels are causing delays in the St. Lawrence Seaway that could cost the economy more than $1 billion, shippers and port operators say. A new study from the Chamber of Marine Commerce warns that opening the floodgates further…
One critical piece of advice to your client about BI cyber claims
April 16, 2019 by Jason ContantPreparing in advance for how a cyber-related business interruption loss may play out can help transform the claims process, speakers said earlier this month at NetDiligence’s Cyber Risk Summit in Toronto. A lot of the “claims frustration” can be avoided…
Common misconceptions about business interruption insurance
February 8, 2019 by Jason ContantOne strong challenge to the broker channel, according to brokers, is consumer self-education about their insurance needs and options. Nowhere is this more evident than in the field of business interruption (BI) insurance, a very specialized coverage that is rife…
Broker lands in hot water after BI coverage miscue
February 5, 2019 by David GambrillA Manitoba broker landed in hot water after filling in for a vacationing colleague whose commercial client wound up without business interruption coverage. Broker John C. McDonald was fined $250 for his role in the coverage mix-up. When McDonald’s work…