Business interruption insurance bill moves ahead in Louisiana Senate

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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Louisiana business interruption bill may change coverage due to COVID-19

Business interruption insurance - COVID-19 Test

Legislators are reviewing the bill to decide if insurers should be forced to pay pandemic claims. Legislators in Louisiana are reviewing a business interruption insurance bill. It may require insurers with operations within the state to have to cover claims connected to the coronavirus pandemic. The legislature recently went into session following about 2 months of suspended work due to COVID-19. Both the House and the Senate will need to complete as much as they can by June 1, 2020. The delay they’ve already faced over the last two months…

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Business insurance claims show clear patterns for losses by providers

Business Insurance policy

According to recent data, some of the top causes of claims losses include power outages. A recent data analysis conducted by Allianz Global Corporate & Specialty has revealed that power failure were among the leading causes for interruption related loss claims on business insurance policies from 2010 through 2014, worldwide. In fact, power outages took tenth place when it came to losses from business interruption during that time. The Allianz Global Corporate & Specialty firm specializes in industrial and business risk coverage and its research involved an analysis of almost…

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Insurance claims begin following the Baltimore riots

Riot Insurance claims News

Residents and businesses faced property damage and looting and are now filing with their insurers. The residents of Baltimore have certainly faced destruction to their properties as a result of the riots, but it is the businesses that will be making the largest insurance claims, and many owners are wondering exactly how much of the various forms of damage will be covered by their insurers. The most obvious claims are being filed with insurance companies for issues such as looting and property damage. However other insurance claims could be filed…

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The lessons business should learn from 2011 catastrophic insurance news

Business insurance report highlights the importance of business interruption coverage Following the tremendous amount of insurance news involving catastrophic events around the world last year, it is recommended that businesses take this opportunity to learn from the past and make the right coverage decisions to reduce their risk of financial harm in the future. Marsh has published a report that has shown that the scale of the 2011 catastrophes was greater than what the previous predictions from loss modeling had provided, and has now challenged the standard belief systems regarding…

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Nationwide and Allied Insurance team to respond to natural disasters in Southeastern U.S.

Nationwide and Allied Insurance are coming together to provide policyholders with quick assistance in the wake of natural disasters that have come to the Southeastern U.S. In the past year, residents of Southeastern states have been inundated with storms, tornadoes and floods. These disasters have caused extensive damage to homes and businesses and put severe strain on the economy of the region. Insurers hold out hope that 2012 will not be a retelling of the previous year in terms of catastrophes, but recent storms have shaken that hope. The two…

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The importance of understanding what business interruption insurance can provide

According to partner Robert Glasser from the Dempsey Partners L.L.C. New York Office, it is very important for a company to assess its needs for business interruption coverage and to do so carefully. That said, while CFOs and risk managers are typically confident in determining many of the insurance needs of their organizations, they often balk in the face of business interruption because they don’t have a structured approach to provide them with the information they require to make their decision regarding this coverage and its limits. Unfortunately, this discomfort…

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