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I recall the very first businessinterruption claim I did was for a risk in Toowoomba and to my horror found that the Insured had only declared 3 months insurable gross profit with a 3-month Indemnity Period. In fact, around 75% of interruption claims by number have an Indemnity Period of less than 3 months.
This is especially true when the policy calls for arbitration of a commercial dispute, where the costs of the arbitration panel can run into hundreds of thousands of dollars and discovery is conducted, with parties paying for arbitrators, … The post Appraising Facts Regarding Business Income Loss Much More Efficiently Than Litigating and Then (..)
A question sometimes arises whether the “period of restoration” is a coverage question reserved for courts or an issue that an … The post Can an Appraisal Panel Determine the Period of Restoration for a BusinessInterruption Dispute? appeared first on PropertyInsurance Coverage Law Blog.
By Ezra Amacher A Texas nonprofit health system who purchased a specialized commercial propertyinsurance policy is not covered for businessinterruption losses caused by COVID-19, a 5th Circuit Court of Appeals panel ruled, relying on existing precedent that COVID-19 …
Fires, thefts, and other unexpected events can bring business to a halt, leading to significant revenue losses. That’s where business income insurance comes in. Business income insurance, also known as businessinterruptioninsurance, helps cover the loss of income … The post What Is Business Income Insurance?
Water damage can wreak havoc on commercial properties, leading to costly repairs and business disruptions. At Tosten Marketing, we often hear from business owners wondering about their insurance coverage for such incidents. Commercial propertyinsurance water damage coverage is a complex topic with many nuances.
What Perils Are Covered by Commercial PropertyInsurance? Commercial propertyinsurance is essential for businesses to protect their assets from unforeseen events. But what exactly does commercial propertyinsurance cover?
Introduction Hello UK business owners! Navigating the world of insurance can feel overwhelming, especially when it comes to understanding commercial propertyinsurance. Whether you’re new to the business world or a seasoned pro, understanding property coverage is crucial for safeguarding your investments.
Special thanks to Ben Szczerbinski from CGU Claims who stepped in at very short notice when one of our insurer presenters took ill with COVID. Realising the importance of ongoing learning, LMI held their annual conference for the claims team in Sydney last week. Something that LMI Group take very seriously.
The recent voluntary dismissal of the Erie COVID-19 BusinessInterruption Protection Insurance Litigation marks the end of a significant chapter in insurance coverage law.1
We naturally hope that the cyclone changes course again and moves away from the coast but if the predications are correct and it will hit landfall in a very populus part of Australia, both organisations are set to provide the best possible response to those affected and their insurers and general insurance brokers.
Today marks LMI Group’s quarter century of service to the insurance industry and wider communities. February 2000: Development of first Training Module – BusinessInterruption. May 2002: First of now 17 books on insurance and risk management launched. May 2000: First manual Policy Comparisons developed.
American Guarantee and Liability Insurance Company , the United States District Court for the District of Massachusetts held that a loose bolt or fitting that could be remedied simply by tightening it did not constitute “direct physical loss of or damage” to equipment covered under an all-risk propertyinsurance policy. [1]
Speaking of New Zealand, our team are providing valuable assistance to many insureds effected by the Auckland storms and ex-cyclone Gabrielle. With more and more clients experience mental health issues, LMI were the first to include a clinical psychologist as part of our team through Mastering our Minds.
From property protection to liability coverage, ensuring your businessinsurance policies align with your expansion is critical. Without the right coverage, unforeseen challenges—such as property damage, employee injuries, or legal issues—could put your investment at risk.
One of the most crucial aspects to consider is commercial propertyinsurance. This guide aims to help new investors understand the basics of commercial propertyinsurance in California, ensuring that their investments are protected against unforeseen events.
Investors must understand the importance of securing comprehensive commercial propertyinsurance coverage to protect their investments. This article aims to provide an in-depth overview of ensuring multi-unit commercial properties in California, highlighting key considerations for investors.
However, for insurance brokers, the wide spectrum of restaurants represents both a challenge and an opportunity. With thousands of restaurants in Charlotte and across North Carolina, the need for comprehensive insurance coverage is vital. What Does Distinguisheds Restaurant Insurance Cover?
While you may have the basic insurance policies in place, such as property and general liability insurance, there are several other essential insurance policies that you might be overlooking. In this article, we will explore five often overlooked insurance policies that can provide valuable coverage for your business.
Navigating the world of businessinsurance can be daunting, especially for new business owners. Here in Plano, TX, Paragon Independent Insurance Agency aims to simplify this process by breaking down essential terms you need to know to protect your business effectively.
Commercial insurance is vital for protecting businessproperty, assets, and operations from various risks and liabilities around Plano, TX. Commercial Insurance Information Commercial insurance consists of policies to safeguard businesses when financial losses are inevitable.
Insurance plays a pivotal role in safeguarding your property and your financial future. Here are five critical considerations you should keep in mind regarding insurance when buying or investing in commercial property. Liability Insurance Liability insurance is essential for any commercial property owner.
Investing in property in California is a significant financial decision, and safeguarding your assets with the right insurance is crucial. However, many property investors, especially those new to the field, fall into common traps with their insurance choices. In California, consider adding earthquake and flood insurance.
Understanding Commercial Flood Insurance in the United Kingdom Flooding has become an increasingly significant risk for businesses across the United Kingdom as climate change intensifies weather extremes. million properties at risk, according to the Environment Agency.
This is where commercial insurance comes into play. Designed to protect your business from unforeseen risks, commercial insurance can offer the peace of mind you need to focus on what truly matters—growing your business and serving your clients.
Whether you run a landscaping service in the summer, a ski rental shop in the winter, or a holiday-themed retail store, your business has unique insurance needs that differ from typical year-round operations. To protect your livelihood and manage costs effectively, it’s essential to optimize your businessinsurance coverage.
Surgery schedules around the country may be washed out for several more weeks while a crucial IV and sterile fluids factory remains shut down for hurricane-related damage. People often plan non-emergency surgeries in the fall and early-winter months when their …
Thousands of rail passengers in Spain were hit with delays after copper cables used in the signaling system of a high-speed line traveling south from Madrid to Seville were stolen at five locations, authorities said Monday. The theft, which happened …
Weeks after a chemical warehouse fire in Rockdale County, Georgia, released plumes of toxic smoke, nearby residents can now leave their homes at night after officials lifted a shelter in place order. For the lab’s owner and investors, the trouble …
LMI continues to grow in claims work and as a result both LMI Group and Aequum Adjusters are looking to hire loss adjusters and or claims preparers in virtually every state and territory in Australia and New Zealand. The positions range from trainee, to highly experienced.
Welcome to our blog post on how to maximise your business growth by securing the right commercial tailors insurance. As a tailor, it is crucial to protect your business from potential risks and liabilities. Propertyinsurance can protect these assets from damage or loss due to fire, theft, or other covered perils.
While preparing for the year ahead, its easy to overlook one critical aspect of business planning: your businessinsurance coverage. Whether your company experienced growth, faced new challenges, or maintained steady operations, your insurance needs may have changed.
So what is the implication for insurance and rental insurance in all its various forms. Another expense which is we all know is not getting cheaper is insurance and insurance is yet another outgoing more often than not paid for by tenants in some form in additon to the rent.
Introduction Navigating the world of commercial insurance can feel a bit like wandering through a maze, with myths lurking around every corner. It’s essential for business owners to separate fact from fiction to ensure they have the right protection. Unfortunately, misconceptions can lead to costly mistakes.
Introduction Running a business comes with its fair share of expenses, and one of those is commercial insurance. This guide will teach you practical ways to save money on your commercial insurance. It provides protection against a plethora of risks, including property damage, liability claims, theft, and even employee injuries.
We will be introducing 3 new important categories for 2025 to honour those that can make or break the way the insuring public view the vital service that the general insurance industry delivers to Australia. Thank you in anticipation and if you are in Sydney on 25 th July please come along.
Introduction When it comes to safeguarding your business, selecting the right insurance policy is crucial. Let’s explore the pivotal questions to ask when choosing your businessinsurance coverage. By recognising these risks, you root your insurance decisions in the real needs of your business.
The claim process itself is just taking longer and longer and I welcome the ASIC enquiry into claims handing as the financial and mental pressure this puts on insureds is not being appreciated enough by some loss adjusters and forensic accountants. The shortage of builders and building materials.
Introduction Navigating the world of insurance can sometimes feel like traversing a labyrinth. For brokers, establishing solid insurance referral partnerships can be the golden key to success. Collaborating with the right partners not only boosts business but also creates a stronger community within the industry.
Introduction The world of commercial insurance is constantly evolving, adapting to meet the changing needs of businesses. As we inch closer to 2025, several trends are emerging that promise to reshape the landscape of businessinsurance. By the 20th century, the insurance industry began to reflect broader societal shifts.
For businesses, take this as a reminder to examine how your organization will handle fallout from wildfires, for example, reviewing your propertyinsurance, businessinterruption coverage, disaster recovery plans or emergency communications procedures.
I read this morning that the NSW Fire and Rescue have today reported that there have been 45 fires directly related to lithium batteries since the beginning of the 2024 year. Sadly also two people have lost their lives in the fires and possibly a third yet to be confirmed.
This is the fourth post in a series that looks at the coverage afforded by various types of insurance products. Today we look at Landlords Insurance. Landlords’ insurance falls within the same category as home and contents and some residential strata. This to me is quite a fair approach by the insurers involved.
When it comes down to brass tacks, this is what insurance clients care about. They want to know that their hotel insurance will cover them when it matters most and that those coverages wont cost them a small fortune. So, you and your clients are probably asking, what do hotel insurance costs look like in 2025?
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