business interruption

Risk managers should not assume that their company is covered for all types of interruptions, even if they have purchased a policy with seemingly comprehensive business interruption coverage. Not all business interruption coverage is the same, and different types of businesses are exposed to differe...

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Bibliographic Details
Published in:Risk management 2009-05, Vol.56 (3), p.36
Main Authors: Heintz, John E, Wein, Andrew S, Tomanda, Elissa O
Format: Magazinearticle
Language:English
Subjects:
Airlines
Airports
Aviation
Business interruption insurance
Curfews
Federal court decisions
Hurricanes
Insurance coverage
Insurance policies
Insurance premiums
Language
Policyholders
Riots
Risk management
September 11 terrorist attacks-2001
State courts
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Summary:Risk managers should not assume that their company is covered for all types of interruptions, even if they have purchased a policy with seemingly comprehensive business interruption coverage. Not all business interruption coverage is the same, and different types of businesses are exposed to different types of risks. When procuring insurance or renewing coverage, think through the policy language, ask for policy forms from different companies, and shop around for the language that best suits your company. While it can be challenging to purchase a policy with your exact preferred language, if you do not see the language that you want in the forms available to you, negotiate for the necessary language. Being familiar with the language and making informed decisions regarding the policy you ultimately procure will result in fewer surprises when it comes to making a claim for coverage.
ISSN:0035-5593