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Archive for April, 2010

Local developer gets favorable wind from feds

While there will still be challenges to Cape Wind’s proposed Nantucket Sound project, Mr. Salazar’s approval of the project this week provides favorable momentum to a series of projects in waters offshore of a number of states along the East Coast and Great Lakes regions. These projects are critical to meeting our goals of utilizing the abundant potential generating capacity of offshore wind, estimated to be in excess of 80,000 megawatts. Our team certainly looks forward to working with developers and financiers to reduce the average cost of power across these projects with this positive signal from the federal government, along with support of the governors of the six East Coast states who called on Mr. Salazar to approve this milestone project.
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William Gallagher Associates is a leading provider of insurance brokerage, risk management and employee benefits services to firms with complex risks and dynamic needs, within industries that include technology, life sciences, financial risks, health care, renewable energy & clean technology, and environmental services. WGA has offices in Boston, MA; New York, NY; Hartford, CT; Princeton, NJ; Columbia, MD; and Atlanta, GA.

More volcano fallout: Who’s going to end up paying?

Last week’s groundings due to the volcanic ash cloud was expensive, and now this week everyone is looking to get paid. Airline passengers are calling on insurance companies to pay their losses, and insurers are pointing them back to the airlines. The airlines were definitely hit the worst by the week-long disruption, the estimated loss by the middle of last week was over $1.7 billion. And the airlines are the least likely to see any insurance indemnification. In order to be paid, material damage has to be present to give rise to a business interruption claim. Some cover for delay and travel abandonment may be available, but it all depends on what coverages were purchased by the policyholder. Read more…

Volcano fallout: property coverage potentially available

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…

Product withdrawal opens drug companies to litigation

Yesterday’s New York Times describes possible harm to customers of biotechnology giant, Genzyme Corporation, arising out of the reduced availability of Genzyme’s products as a result of a plant shutdown caused by a virus contamination at Genzyme’s plant. The story relates that such a viral contamination is not uncommon in the production of biological products. The inability to supply life-saving drugs that have no easy replacement from other manufacturers, not surprisingly, may have led to adverse outcomes for Genzyme’s patients and this type of exposure to harm exists for many other drug and device manufacturers. Read more…

Securities litigation against life sciences companies

Various year-end securities litigation studies have shown exactly what one might expect, that cases involving financial services companies have dominated securities lawsuit filings for the last few years. What is surprising though is that plaintiffs’ attorneys have continued to pursue claims against companies in other industries, specifically the life sciences. Read more…