Contingent Business Interruption

On Wednesday, my colleagues Walter Andrews and Katie Miller published a timely article in Florida’s Daily Business Review discussing the availability of insurance coverage for continuing losses suffered by businesses directly and indirectly affected by Hurricane Irma.  The article, titled After Irma: Is Your Business Entitled to Insurance Coverage for Additional Lost Profits?, has equal application to those affected by Hurricanes Maria and Harvey.  As the article explains, continuing business income losses may be covered under common property insurance policy provisions.  Where they are not, the article provides insightful advice for policyholders as they approach policy renewal so they can fill gaps that may exist in their current coverages.  A copy of the article can be found here.

Continue Reading As 2017 Winds Down, Are Lingering Irma, Maria and Harvey Business Losses Insured?

Hunton & Williams’ Insurance Recovery Team Head, Walter Andrews, was spotlighted in an article published in the Houston Chronicle last week regarding insurance for losses from Hurricanes Harvey and Irma. While the storms were devastating in their own unique ways – Harvey with extensive flooding; Irma with extreme wind and storm surge – both have substantially impacted local and national businesses.  As Andrews explains, “if you don’t have any customers, or if they can’t access your facilities, you don’t have business.  Many businesses are facing vast amounts of lost earnings during the time it takes to repair hurricane-related damage.” Local business owners facing huge losses have a financial lifeline in the form of business-interruption coverage in their property policies.  Likewise, distant businesses impacted by the storms likely have contingent business interruption coverage that will apply if a business or customer they depend on suffered damage from one of the storms – even if that damage occurred hundreds of miles away from the insured business.

For more information, please visit our Hurricane Insurance Recovery and Advisory center.

In an article published September 12, 2017 in South Florida’s Daily Business Review, Hunton & Williams insurance lawyers Walter Andrews and Andrea DeField explained why it is critical that policyholders act fast to maximize insurance recovery for their hurricane-related losses.  They also provided a checklist to guide policyholders through the claim process.  As Andrews and DeField explain, in addition to providing prompt notice to all potential insurers, policyholders should collect all loss-related receipts and document the damage with photographs.  Good organization of post-loss expenses will help expedite any claim for Extra Expense loss, while photographs will help to avoid disputes over the extent of any physical damage after that damage has been disturbed or repaired.

For more information, please visit our Hurricane Insurance Recovery and Advisory center.

Hunton insurance lawyers Michael Levine, Syed Ahmad and Katherine Miller discuss how Hurricanes Harvey and Irma highlight the need for contingent business interruption insurance and why companies with this coverage should be considering how to obtain its benefit for income losses resulting from the recent storms. The article was published this morning in Risk Management.

For more information, please visit our Hurricane Insurance Recovery and Advisory center.