In addition to these exclusions and additions, brokers should warn their microbusiness clients about the time deductibles that are often included in business interruption policies
The policy can cover losses from a single or multiple hurricanes during the annual policy term, and can be used to reduce windstorm deductibles in current property and business interruption policies
while limiting the accumulation of losses from multiple storms in a season.
Business interruption policies
return no more than was actually lost--"actual" meaning the difference between the probable experience of the business had no loss occurred and the actual earnings during the period of interruption.
They are likely to find that their conventional insurance policies will not cover the impact on their business, because traditional Property Damage and Business Interruption policies
usually contain a Radioactive Contamination Exclusion Clause, which excludes any damage, denial of access or other consequences arising from nuclear radiation or contamination.
The policy is triggered if the Super Bowl is canceled or moved for any reason, whereas most business interruption policies
are triggered by physical damage.
The run-up in commodity prices has caused many risk managers in the utilities sector to turn to business interruption coverage, says Marshall Nadel, managing director of utilities at AON Natural Resources, as business interruption policies
allow risk managers to cover the costs of purchasing replacement power in the event of an unplanned power outage.
11 terrorist attacks, yet it remains a big vulnerability for policyholders and the insurers that sell the business interruption policies
to cover those losses, according to a software firm consultant.
Following the accident to its NamSSol seabed crawler mining system in January, the Company filed insurance claims under its all risks and business interruption policies
Standard business interruption policies
cover loss resulting from the total or partial interruption of business caused by damage to or destruction of real or personal property on premises occupied by the insured.
In Updating Business Interruption Insurance Policies for 2011, ExecSense examines easy-to-implement strategies used by leading insurance executives to update the language in their business interruption policies
Some business interruption policies
include endorsements for loss of utilities, says Larsen.
Companies might try to protect their income by requiring their suppliers or manufacturers to name them as additional insureds on their business interruption policies
, but that may not do the trick.
Some say if a pool isn't organized, insurers will reconsider their appetite for certain classes of business, such as large office complexes and landmark buildings or business interruption policies
Business interruption policies
are also not likely to cover Y2K-related failures.
Perspective on how this unprecedented environmental disaster will impact your clients from an insurance standpoint, including analysis on the insurance ramifications of the over 100 liability lawsuits already filed against BP and other companies exposed in the accident under general liability, pollution liability, control-of-well, property, and other insurance policies, how business interruption policies
and contingent business interruption policies
will likely respond to claims filed by downstream entities like fisheries and tourist operations, the potential application of the pollution exclusion, and what it all means for your clients