I was driving in my old neighborhood of Hermosa Beach, California, the other day and reminisced about living close to the ocean. During my drive I observed signs much like the one depicted here:
Tsunami
Japan’s Earthquake More than a Year Later May Give Rise to West Coast Insurance Claims
Last March 2011, the earthquake and ensuing tsunami caused devastation to Japan. Homes and businesses were destroyed and the economic impact was felt globally. Even large shipments of vehicles were dumped into the ocean. The business losses to Japan based companies reached into the hundreds of millions.…
The Japan Tsunami and Contingent Business Interruption Coverage
Contingent Business Interruption coverage is usually an extension of the business interruption coverage available in most commercial property policies. It provides the insured with benefits to cover lost profits and extra expenses resulting from damage to a third party’s property. In today’s integrated business world, most businesses are highly dependant upon others for product, sales, and even customers. As businesses globalize, they become vulnerable to disasters across the globe. Even now, many businesses are waiting to realize the extent of the contingent business loss that will result from the tsunami and nuclear disasters in Japan.…
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Is There Insurance Coverage for Nuclear Accidents?
Dr. Robert Hartwig and the Insurance Information Institute (III) do an excellent job providing timely information regarding insurance topics. A recent story on insurance coverage for nuclear accidents is an example. As a result of the current catastrophe in Japan, I have been asked by a number of individuals about property insurance coverage in the event of radiation damage. The III answers the question in "Insurance Coverage for Nuclear Accidents."…
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Insurance Coverage for Tsunami Floods and Earthquakes
I have received a number of emails regarding the tragic tsunami and earthquake that occurred this morning off the coast of Japan. Most have been questions regarding insurance coverage for potential consequences in Hawaii and on the west coast.…
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