Hundreds of Christchurch businesses were forced to relocate their premises after the 2010 earthquake and many only had a 12 month indemnity period on their
business interruption.
for more stats about
business interruption insurance.
The Superior Court found that the original umpire's possible impartiality was sufficient to set aside the
Business Interruption Award.
Natural catastrophes or cyber attacks can cause
business interruption not only for one company, but to whole sectors or critical infrastructure," says Chris Fischer Hirs, CEO of Allianz Global Corporate & SpecialtySE (AGCS).
Technology failures leading to
business interruption are "equally damaging to a company's operations, reputation and bottom-line profits," Paxton added.
Weigh the price, but realize that contingent
business interruption coverage is not a commodity where you are comparing apples to apples.
Many microbusiness owners don't know where to begin when seeking a
business interruption endorsement, which can overwhelm them into inaction.
Their suppliers would not have suffered a loss, so there would be no contingent
business interruption loss.
Policies usually have a 48- to 72-hour waiting period before
business interruption insurance kicks in.
These camps most likely did not receive any benefit from their
business interruption insurance because 1) they may not have had coverage for communicable disease events, and even if they did buy the additional peril of communicable disease and 2) their decisions to close were voluntary and not ordered by the health department.
Finally, the cost of
business interruption - the time spent when you physically can't sell to customers, the overall disruption to your company - is likely to be a higher overall cost than the cost of replacing the assets.
TELECOMWORLDWIRE-26 February 2008-Capital Continuity introduces
Business Interruption Protection Service(C)1994-2008 M2 COMMUNICATIONS LTD http://www.
