Tag: business insurance coverage

When Does Your Business Need Fiduciary Liability Insurance?

Nordstrom
Fiduciary Liability Insurance - man looking at computer in thought

This coverage provides a company with protection against certain forms of mismanagement. A fiduciary liability insurance policy is what provides a company and its employees against the claims that could arise due to mismanagement of benefits plans and the legal liability that can result from those claims. That said, while some businesses definitely need this coverage, others simply don’t require it. A fiduciary liability insurance policy protects a company against fiduciary mismanagement. That said, it will not provide protection to a company in fraudulent cases of theft. It’s important to…

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Broadway giant Jujamcyn Theatres sues insurers over pandemic payouts

G. Turner
Jujamcyn Theaters - Image of the interior or a theater

The company operates big-name theaters and is suing two insurers for the size of the payments. Jujamcyn Theaters, operator of the homes of top shows such as “The Book of Mormon”, “Moulin Rouge: The Musical,” “Hadestown”, and “Mean Girls,” is suing its insurance companies. The insurers named in the lawsuit include the Pacific Indemnity Company and the Federal Insurance Company. According to the Jujamcyn Theaters filing, the insurance companies paid only $250,000 for covering what it alleges should be “tens of millions of dollars” in losses associated with the pandemic…

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Severe weather damage in the US hits the $4 billion mark

Logan B.
Severe Weather Damage - Flooding

Hailstorms and other disasters have caused quite a bit of destruction already in 2020, says Aon. Severe weather damage from events across the United States have led to substantial costs for insurers. A sizeable portion of the $4 billion estimated economic cost is covered by insurance policies. Much or the severe weather damage caused by storms have involved hail, according to the monthly Global Catastrophe Recap report from Aon. A substantial storm outbreak struck the Plains, Midwest and Southeast on May 4 and 5. This event primarily affected parts of…

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Minnesota looting damage to generate insurance payouts of over $25 million

G. Turner
Looting damage

Protests over George Floyd’s death were particularly destructive to property in his home state. The looting damage and property destruction that occurred in some of the Minnesota protests over the death of George Floyd on May 25 while in police custody will bring insurance companies an estimated bill of about $25 million. This doesn’t take into consideration the destruction that happened in other places across the country. The $25 million estimate was calculated by Property Claim Services, an insurance industry company that tracks catastrophes. The firm labeled the protests as…

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Business interruption insurance bill moves ahead in Louisiana Senate

Marc
Business interruption insurance - Agreed

The bill is meant to provide improved transparency in regard to this commercial coverage. Louisiana’s state Senate has advanced a business interruption insurance bill to provide greater transparency with this type of coverage. Over several weeks, many companies were surprised to discover their coverage didn’t cover pandemics. Senator Rick Ward (R-Port Allen) informed his colleagues that the dismay due to the lack of transparency in business interruption insurance was all too commonplace. The bill was introduced to try to improve the clarity of a policy’s coverage. Insurers have responded by…

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Cannabis business insurance options weak despite thriving marketplace

Nordstrom
Cannabis Business Insurance - Cannabis being weighed

Only six large insurers in the United States are currently offering this type of coverage. Despite the fact that 32 states have legalized medical and/or recreational marijuana use, it remains challenging to obtain cannabis business insurance for companies in this market. There are a number of difficulties that are holding insurers back from selling this coverage. Among the top hurdles in the way of cannabis business insurance is the fact that medical and recreational marijuana use remains illegal on a federal level. As a result, despite the fact that it…

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5.7 magnitude Utah earthquake places spotlight on insurance coverage

G. Turner
Utah earthquake - cracked road

The quake struck the state on Wednesday morning, knocking out power and shaking residents. The 5.7 magnitude Utah earthquake that struck on Wednesday morning has reminded residents and business owners of the importance of coverage. Around 55,000 people were left in the dark from power outages in the Salt Lake City Area. The magnitude of the Utah earthquake was reported by the US Geological Survey, and the power outage figures were released by Rocky Mountain Power. Local news reports shared that many people in the region were startled by the…

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