business interruption News

Top Business Insurance Losses Revealed in New Allianz Report

Nearly 70 percent of business financial losses arise from 10 causes of loss, with the largest single identified cause being ship groundings, reflecting the high values of modern shipping risks, followed by fires and aviation crashes, according to a new …

Business Interruption, Supply Chain Among Top Business Risks for 2014: Allianz

Business interruption (BI) and supply chain, natural catastrophes and fire/explosion top the list of company risks in 2014, according to the third annual Allianz Risk Barometer, which surveyed over 400 corporate insurance experts from 33 countries. The survey conducted by …

Mississippi Shipbuilder Settles with Insurer on Katrina Damages

Huntington Ingalls Industries and its insurer have reached cash settlement for $180 million for the shipbuilder’s losses from Hurricane Katrina in 2005 at facilities in Pascagoula and Avondale, La. The Mississippi Press reports that the information was contained in a …

Southeastern Louisiana University Offers Disaster Seminar for Businesses

The Louisiana Small Business Development Center at Southeastern Louisiana University and the Livingston Economic Development Council will sponsor a work session designed to help local businesses prepare for disasters that may interrupt business. The free seminar is set for 8:30 …

Louisiana Chemical Plant Owner Says Insurance Covers Blast Damages

Williams Cos., the owner of a Louisiana chemical plant that remains shut after a fatal explosion, said insurance will cover most of the loss. An explosion June 13 at Williams Partners LP’s Geismar plant killed two people and caused an …

Pennsylvania Bishop Charged With Insurance Fraud

A Philadelphia bishop has been charged with insurance fraud related to water damage that his Pentecostal church sustained. State investigators say Bishop Benjamin Fisher of the Greater Bethel Temple in northeast Philadelphia claimed $77,000 in damages over a dozen events …

Fire Hits Renault-Nissan Parts Warehouse in India

A warehouse supplying parts to Nissan Motor Co. Ltd.’s and Renault SA’s factory in India was almost destroyed by fire on Thursday, a Nissan spokeswoman said, possibly affecting production at the 400,000-car-per-year plant. The warehouse, operated by third-party supplier Yusen …

Small Business Owners Hit Hard By Sandy Outages: The Hartford

Small business owners were most impacted by connectivity issues such as phone and Internet service (56 percent), according to The Hartford Small Business Pulse: Storm Sandy, which surveyed New York, New Jersey and Connecticut small business owners who reported being …

Sandy Flood Losses Demonstrate Need for Consumer Education, Product Development

Property/casualty insurers need to step up efforts at educating consumers about flood insurance, a panel of insurance CEOs agreed at the 17th annual Property/Casualty Insurance Joint Industry Forum. Flood insurance holds great potential, both in terms of consumer awareness 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, …