The September 11 terrorist attacks created what is perhaps the largest business interruption event in history, as measured in the number of claims, the magnitude of damage, and the complexity of adjusted losses. Of the tens of thousands of businesses that were disrupted by the catastrophe, many will be filing...
This article examines the Business interruption BI insurance, which has been available for over a century. The earliest policies covered rental value, a notion tied to the physical destruction of real property. Use and occupancy insurance policies were introduced later to protect the manufacturing earnings stream. Under early use and...
Companies across the insurance industry suffered profound personal and economic losses during the September 11th attacks. This leading insurer wanted to take a proactive approach to dealing with similar disasters in the future. The company worked with EDS to build a comprehensive emergency response and recovery program based on EDS'...
A substantial stand-alone terrorism market has developed since 9/11. This market has enough capacity to fill gaps adequately in most property insurance placements where the property 'All risks' insurers are unwilling to offer terrorism coverage. Government backed terrorism insurance schemes have also assisted in providing terrorism capacity. The effectiveness of...
Shortly after the 9/11/01 terrorist attacks on the United States, DC-area MIMListers met to discuss response to the events and how they could better protect meetings, guests, and property. These notes have some suggestions. The purpose of these meetings was to create a plan on crisis management pertaining to terrorism...
Business Interruption BI insurance has been available for over a century. The earliest policies covered rental value, a notion tied to the physical destruction of real property. Under early use and occupancy policies, the amount of loss correlated directly with the extent of direct damage to property. This article discuss...
NEW YORK -- Robert Lamb, Ph.D., professor of management and organizations at New York University Leonard N. Stern School of Business and an expert on public finance and municipal securities markets, is available to comment on the state of MBIA, Ambac, and other municipal bond insurers. He can...
Sharply Falling D&O Liability Average Premiums Lead the Market Down NEW YORK -- Commercial lines insurance premiums continued to tumble during the fourth quarter of 2007, according to the RIMS Benchmark Survey[TM], the industry's leading survey of policy renewal prices as reported by corporate risk managers. ...
The recent mortgage crisis in the United States has created an uncertain economic environment all over the world. The management of this crisis reminds us of the role and responsibility of the government in maintaining social order. This crisis threatens all of us, rich and poor alike. If...
NORTHBROOK, Ill. -- Allstate Insurance Company announced the appointment of Sari Macrie, 50, to vice president of corporate relations. In this role, Macrie will oversee internal and external strategic communications for the enterprise. She will also have responsibility for reputation management, media relations, crisis management and the Allstate Foundation. ...
Some would say that big institutional health-care organizations don't need creativity from their brokers. The professional-liability crisis has abated, and most large institutions are self-insured to the point that their creativity must come from within. Others would say that you can't find creativity from brokers even if you need it....
As public outrage increases over Blue Cross's practice of illegally dumping policyholders when they get sick, Blue Cross has hired a crisis management PR firm whose client list is heavy with other corporate wrongdoers in need of an image make-over. According to its Website, the PR firm Sitrick and...
Asset-liability mismatch was a principal cause of the Savings and Loan Crisis of the 1980s. The federal government's failure to recognize the mismatch risk early on and manage it properly led to huge losses by the Federal Savings and Loan Insurance Corporation, which had to be covered by taxpayers. In...
Asset-liability mismatch was a principal cause of the Savings and Loan Crisis of the 1980s. The federal government's failure to recognize the mismatch risk early on and manage it properly led to huge losses by the Federal Savings and Loan Insurance Corporation, which had to be...
AUSTIN, Texas -- As the National Oceanic and Atmospheric Administration NOAA prepares to release its 2006 hurricane season forecast, many organizations in the Gulf and Atlantic Coast regions are reevaluating their processes for communicating with employees and customers during a crisis. Insurance estimates indicate several billion dollars in revenue was...
Byline: JUDY GREENWALD HONOLULU-The most important factor at stake in a crisis is a company's reputation, and half of what must be done to protect it can be accomplished before a crisis ever develops, according to one public relations expert. Mike...
The bidding has already begun to rebuild New Orleans and affected areas in Mississippi. Alas, so too have the insurance disputes and sundry other potential actions. Next Alert[TM] asked two leading experts in disaster planning and management, and in business interruption and recovery, to appraise the...
Promoting the Activities of our Valued Associate Member Firms Barbara K. Hembree has been named vice president, manager of communications and media relations, for Federal Home Loan Bank of Indianapolis. She joined the company in 2004 as communications manager, bringing more than 30 years of experience in crisis communications,...
In the July 25 issue of Chain Drug Review this space was devoted to an examination of the growing doubts among employers about pharmacy benefits management companies. Based on a Hewitt Associates study of 524 major corporations that found 47% of the executives surveyed thought the ...
NEW YORK -- The Tillinghast business of Towers Perrin and the Claims Resolution Management Corporation will host a seminar on asbestos litigation trends at the Millennium Broadway Hotel in New York City on September 29. The seminar will examine changes in asbestos litigation and the implications for claimants, insurers/reinsurers and...
