WGA InsureBlog

Virtually no airline is insured against business interruptions as a result of the volcanic ash that has grounded aircrafts throughout Europe causing huge financial losses this past week. But there could be some insurance coverage available for other businesses if the volcano eruption somehow adversely effecting your revenue stream. Do you have a plant or supplier in Europe that had to shut down and cease shipping product to you due to the ash cloud? The ash cloud could be considered volcanic action which is a covered peril on many property policies. Read more…

It has been reported that Chile’s recent earthquake could result in up to $8 billion in claims, according to catastrophe modeling company EQECAT Inc. The report released this week says insured losses from the 8.8 quake that struck on Feb. 27 could have insurers paying from $3 billion to $8 billion. The range of potential loss is wide because the estimate is not yet supported by information from the scene of the earthquake, there remains uncertainty as to the extent of infrastructure damage, and business interruption costs depend on the speed at which transportation and utility networks are restored. Read more…