Webcast: Recovering business interruption losses from Japan earthquake
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Quick action can dramatically affect claims for business interruption and contingent business interruption coverage as a result the disaster in Japan, participants said during a Business Insurance webcast.
Policyholders with exposures in Japan may have several coverages that could respond to losses, said Duncan Ellis, New York-based U.S. property practice leader at Marsh Inc., during the Business Insurance webcast “Supply Chain Crisis—Navigating Business Interruption Coverage and Claims After the Japanese Earthquakes.”
Mr. Ellis noted that while supply chain insurance is available, few purchase it. Therefore, contingent business interruption coverage may be the most likely to respond to a claim.
Linda D. Kornfeld, Los Angeles-based partner at law firm Jenner & Block L.L.P. and a member of the firm's insurance litigation and counseling practice, recommended reviewing all relevant policies for timing requirements and communicating with insurers for extensions, if necessary.
She added that attentiveness to sublimits, exclusions and periods of indemnity in communicating with insurers can help reduce disputes.
“Be aware early of what the coverage limitations are and work to communicate with the employees who are responsible for having communications about the loss,” said Ms. Kornfeld.
Business Insurance Senior Editor Judy Greenwald moderated the webcast.
To view the 75-minute webcast, which costs $49, visit www.businessinsurance.com/webcasts.
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