Loss Control

Insurers suffered sizable Contingent Business Interruption (CBI) losses last year, as catastrophes such as the Japan earthquake and Thai flooding wreaked havoc on supply chains worldwide. CBI losses, in fact, likely accounted for a substantial portion of the massive cat claims in 2011.

When underwriting contractor-controlled insurance programs (CCIPs) as opposed to owner-controlled insurance programs (OCIPs), do insurers favor one type over the other? They do indeed.

John OConnor, Vice President of Strategic Product & Platform Development for Travelers Small Commercial, tells NU that identifying the risks seasonal staff can bring to the businesswhether its a restaurant, landscaper or general contractoris key to protecting the company during and beyond the summer months.

Some insurers cover Business Interruption or Contingent Business Interruption (CBI) losses that do not result from actual physical damage to a policyholders or its suppliers property.

As George Zimmerman awaits trial for murder, we discuss the tragedy and the questions it raises about neighborhood watch programs.

In the aftermath of last years record-breaking U.S. thunderstorm losses, risk modelers are scratching their heads to figure out if the countrys storm exposure profile is increasing due to historically inadequate modeling methods or other factors.