A dockworkers’ strike that began on October 1, 2024, across East and Gulf Coast ports threatens to disrupt supply chains nationwide. The strike, led by the International Longshoremen’s Association (ILA), stems from disagreements over wages and the automation of dockwork machinery.
Tag: business interruption
Companies Remake Supply Chains, But BI Insurance Protection A “Wafer-Thin Patchwork”
COVID-19 caused a domino-effect to cascade through global production and logistics networks.
Insurers Avoid Picking Up Businesses’ Covid-19 Pandemic Costs
Businesses have faced an uphill battle in getting carriers to pay out on one of the most significant ever: pandemic shutdowns.
Cyber and BI Top Threats As Economic and Energy Risks Rise: Allianz Risk Barometer
Cyber incidents and Business interruption rank as the biggest company concerns for the second year in succession.
Business Insurance Battle for Covid Losses Shifts to State High Courts
Battle for Covid-related business interruption claims shifts to the state supreme courts.
Officials: $1 Billion in Damages After Tornadoes Tore Through Central Iowa
Seven people were killed, including two children, when several tornadoes swept through central Iowa, destroying homes and knocking down trees and power lines in the state’s deadliest storm in more than a decade, authorities said. Emergency management officials in Madison County said four were injured and six people were killed Saturday when one tornado touched… Continue reading Officials: $1 Billion in Damages After Tornadoes Tore Through Central Iowa
Cyber Perils Outrank Covid-19 and Broken Supply Chains as Top Global Business Risk: Allianz
Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected firms in the past year.… Continue reading Cyber Perils Outrank Covid-19 and Broken Supply Chains as Top Global Business Risk: Allianz
Allianz Risk Barometer 2021: COVID-19 Trio Tops Global Risks
A trio of Covid-19 related risks heads up the 10th Allianz Risk Barometer 2021, reflecting potential disruption and loss scenarios companies are facing in the wake of the coronavirus pandemic. Business interruption (#1 with 41% responses) and Pandemic outbreak (#2 with 40%) are this year’s top business risks with Cyber incidents (#3 with 40%) ranking… Continue reading Allianz Risk Barometer 2021: COVID-19 Trio Tops Global Risks
Lloyd’s Launches “First-of-its-Kind” BI Policy
Lloyd’s has launched a new “first-of-its-kind” business interruption policy for small and medium sized enterprises (SMEs), specifically designed to protect them against IT disruption or downtime. Parametrix Insurance offers simple and reliable coverage by removing the traditional indemnity trigger that most insurance policies today use. Instead, the new solution uses a parametric trigger, meaning that… Continue reading Lloyd’s Launches “First-of-its-Kind” BI Policy
Insurance Policyholders Win Covid-19 UK High Court Test Case
Holders of business interruption insurance have won a “significant” victory in a High Court test case to determine whether the coronavirus pandemic should trigger payouts under their policies. Lawyers acting for the Financial Conduct Authority, the UK’s financial regulator that brought the case on behalf of the policyholders, said the judges had found in favour… Continue reading Insurance Policyholders Win Covid-19 UK High Court Test Case