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Articles Business interruption insurance: The intention is to restore the business to the same financial position as if the loss had not occurred, subject always to the terms and conditions of the policy.
Over the last few years there have been a number of significant events that have given rise to large business interruption claims: Claims are not only triggered by weather events but also man made events such as Deepwater Horizon. Other man made events include the breakdown of major pieces of machinery or the loss of computer systems to businesses heavily reliant on the machinery or computers systems to operate.
In recent years, as businesses outsource more, the focus is on business interruption as a result of the inability of these suppliers to service customers as well as other interruption of critical services.
Increasingly businesses have contingent business interruption cover often triggered by non physical damage events.
The current focus of the insurance and reinsurance industry is the recent flooding in Queensland, Australia. Catastrophes of the like identified above effect many industry sectors on a national and global scale.
The industries that may be effected include: It also produces some thermal coal which is used for power generation.
Most if not all the mining companies have either fully or partially declared force majeure under their contracts with customers. Energy oil and gas: This industry sector was also badly affected by for example Hurricane Katrina and also Deepwater Horizon.
This disrupts the transport of commodities, such as coal supplies, for export. Similarly, the Tsunami affected high-profile tourist resorts in, for example Thailand.
In addition, natural catastrophes affect domestic buildings and state municipal property and operations. Business Interruption insurance and reinsurance claims can therefore be particularly difficult to navigate through and this article focuses on the issues that often arise on business interruption claims.
One of the first issues is whether there is a valid occurrence which triggers the policy cover.
The issues that may arise include: Was the property damaged excluded under the policy? Was the cause of the damage excluded under the policy? Are there multiple events or occurrences and if so how will the loss be allocated between them? The problem can be exacerbated where there are complex multilayer programmes where the interests of different layers might diverge.
Business interruption Business interruption insurance claims are often the claims that can lead to the largest, most complex and contentious claims. This is due to the many factors that impact upon the calculation of loss.
Policies often contain sub-limits, which can have an important impact on coverage. An examples of issues that arise include: Collecting and tracking information for the purposes of preparing or scrutinising a claim: This can make it difficult for an insured to support parts of their business interruption claim and raises issues with not only the insured proving their loss, but also at the insurance and reinsurance level because often in the absence of documentation certain assumptions are incorporated into the loss calculation which may be contentious.
In terms of the larger corporations, often their financial data and manufacturing documentation is kept in more sophisticated electronic systems and often in different geographical locations, so this issue may not be such a problem. However, there may be the option of presenting a claim on an output alternative or loss of production income basis.
The basis on which the claim is presented can impact significantly upon the resources and skill sets required for the calculation of the loss, as well as the amount of the loss.Anti-Corruption: The Global Fight is a new handbook from IIP Publications that outlines the kinds of corruption, their effects, and the ways that people and governments combat corruption through legislative and civil society actions.
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