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Posts Tagged ‘business interruption’

Zika virus rises to public health emergency status

February 4, 2016 Leave a comment

zikaLike so many other viruses or diseases that make media headlines, the Zika virus has proven to be the latest in a long line of “bugs” that has raised the public awareness of the dangers that appear from foreign lands and seem to be of an unknown origin. However, the truth of the matter lies far from perceptions and assumptions made in the media. What is not a myth is the risk that these types of pandemic exposures present to healthcare providers across the entire industry spectrum.

Unlike the most recent scare that made so many headlines, the transition of the Zika virus is very different from that of Ebola and other “bugs” that have caused pandemic headlines. Read more…

A look at 2016 casualty insurance landscape

 As we settle into the New Year, increased geopolitical instability and cyber-attacks are causing more organizations to prepare for and respond to internal and external threats. Even with these uncertainties, the casualty market has a stable outlook for 2016. Premiums are growing in line with the economy and the necessity of mandatory coverages, such as auto, home and commercial property, help strengthen the sector. With the stability, however, does come some challenges.

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What coverages does your company need to face terrorism risks?

November 23, 2015 Leave a comment

Last week’s attacks across the city of Paris not only shocked the world but reminds us that no area is truly safe from a senseless terrorist attack. The coordinated attacks across the city left 100 people dead and 350 others fighting to survive. Not even a week later over 100 were taken hostage at a hotel in Mali, and it was discovered that the Russian airliner crash last month was the aftermath of a bomb. As events such as these continue to escalate, it is becoming more apparent that the risk facing the global insurance industry has been altered and that many business owners don’t understand the risks they may face in the event of a tragedy.

Your business need to evaluate whether TRIPRA is the right protection against an increasing frequency and severity of political violence and terrorism throughout the world. Is TRIPRA enough? What alternative coverage exists and do I want to pay for it?  Religious and political violence, Sabotage, Kidnap and Ransom, Civil war, insurrection and chemical biological or radiological contamination are not covered by TRIPRA. Read more…

Avoiding loss and business interruption during a pandemic

pandemic

For organizations with businesses in areas of the world with a higher risk of pandemic, particularly West Africa, contingency planning is a crucial element.  While there are certain industries that are more predominantly impacted, all businesses which rely on raw materials and commodities can be affected. The most important thing for Risk Managers to focus on during a pandemic is that companies must maintain  “business as usual” conduct, while at the same time taking a realistic approach to addressing concerns about the situation and its potential impact on the organization. This requires identifying exposures at home and abroad so that ongoing business is minimally impacted. Read more…

The increasing necessity for product recall insurance

Blue Bell Creameries of Brenham, Texas made the decision to voluntarily recall all of its products on after two chocolate chip cookie dough ice cream samples tested positive for Listeria, a potentially fatal bacteria. The extensive recall includes ice cream, sherbet, frozen yogurt, and other frozen snacks distributed in 23 states and internationally. This development comes after Blue Bell issued a more limited recall in March after the Centers for Disease Control and Prevention (CDC) connected ice cream contaminated with Listeria to three deaths in Kansas. The Center for Disease Control and Prevention confirmed that 10 people in total from four states have contracted Listeria as a result of this outbreak.
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As demand for wind turbines grows, take steps to mitigate risk

WindFarmSunsetFrom California to New York, wind turbine farms are popping up all over the country. The United States is second only to China in terms of installed wind power capacity, and the demand is increasing. Georgetown, Texas, with a population of 50,000 people, will be the first city in the Lone Star state to be completely powered by renewable energy. Why? Because, according to a U.S. Energy Department analysis, wind power will be less expensive than electricity produced from natural gas within the next 10 years, even without a federal tax incentive.

Wind farms provided 4.5 percent of U.S. power supplies in 2013. If that number increased to 35 percent by 2050, power prices would decrease and result in $400 billion in benefits related to reduced emissions of greenhouse gases, Bloomberg reports. Additional benefits include reduced water consumption by the power industry, 600,000 new jobs, and a drop in air pollution. Read more…

Snow is risky

February 18, 2015 Leave a comment

boston_snowHeadlines involve risk. So it should be no surprise that New England’s latest snow pileup has a risk angle.  Budget-busting storm cleanups hit government organizations first.  The federal government, states, counties, municipalities, airports and other transportation hubs all have direct costs of cleanup.  Of course, they also have regular budgets for snow removal, so it can be said that such costs are not unexpected.  But, when the cost exceeds the budget two or three times over, there is detrimental risk and insurance can be purchased by the season, month or individual storm.  In fact, many government organizations buy at least some insurance for these unusual seasonal fluctuations.  Insurance underwriters, principally in London, have adequate underwriting information, such as detailed weather history of major cities, ­on which to base their rates.  So, the market for coverage is broad and relatively efficient. Read more…