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| business interruption insurance claims examples: Compensation for Losses from the 9/11 Attacks Lloyd S. Dixon, Rachel Kaganoff Stern, 2004 The terrorist attacks of September 11, 2001, caused tremendous loss of life, property, and income, and the resulting response from public and private organizations was unprecedented. This monograph examines the benefits received by those who were killed or seriously injured on 9/11 and the benefits provided to individuals and businesses in New York City that suffered losses from the attack on the World Trade Center. The authors examine the performance of the compensation system--insurance, tort, government programs, and charity--in responding to the losses stemming from 9/11. |
| business interruption insurance claims examples: Measuring Business Interruption Losses and Other Commercial Damages Patrick A. Gaughan, 2009-08-07 An updated explanation of the methodology for how lost profits should be measured Now fully revised and updated, focused on commercial litigation and the many common types of cases, this is the only book in the field to explain the complicated process of measuring business interruption damages. The book features an easy to understand and apply, step-by-step process for how losses should be measured so as to be accurate and reliable and consistent with the relevant laws. With a new chapter on the economics of punitive damages, the new edition also explains detailed methods for measuring damages in contract litigation, intellectual property lawsuits, antitrust, and securities cases. This new Second Edition incorporates the latest developments in the fields of economics and accounting, while also integrating the most current changes in case law. Here's what you will find Each chapter includes new materials and updated content Added websites for sources of data Includes a website for updated tables that can be utilized by readers A section of the new cases involving Daubert challenges to economists Includes methods on how to do industry research A new section covering the equity risk premium and the various recent research studies, which set forth the debate on what the premium should be Containing exhibits, tables, and graphs, new cases involving Dauber, how to do industry research, equity risk premium, research studies on the marketability discount, anti-trust, punitive damages, and more, Measuring Business Interruption Losses and Other Commercial Damages, Second Edition incorporates the relevant literature and research that has come out in this field over the past four years. |
| business interruption insurance claims examples: Pandemics: Insurance and Social Protection María del Carmen Boado-Penas, Julia Eisenberg, Şule Şahin, 2022 This open access book collects expert contributions on actuarial modelling and related topics, from machine learning to legal aspects, and reflects on possible insurance designs during an epidemic/pandemic. Starting by considering the impulse given by COVID-19 to the insurance industry and to actuarial research, the text covers compartment models, mortality changes during a pandemic, risk-sharing in the presence of low probability events, group testing, compositional data analysis for detecting data inconsistencies, behaviouristic aspects in fighting a pandemic, and insurers' legal problems, amongst others. Concluding with an essay by a practicing actuary on the applicability of the methods proposed, this interdisciplinary book is aimed at actuaries as well as readers with a background in mathematics, economics, statistics, finance, epidemiology, or sociology. |
| business interruption insurance claims examples: Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages (Third Edition) Christopher J. Boggs, 2013-04-25 Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages (Third Edition) details the purpose, processes, and intricacies of business income coverage; and like the title suggests, simplifies business income for the insurance professional. This book walks you through the basics of business income, details and simultaneously simplifies the business income report/worksheet (the form that scares those who have not read this book), teaches you what is required to calculate the period of restoration and coinsurance percentage (these are actually related), clarifies coverage provisions contained in the loss determination section, discusses dependent property exposures and coverage, presents the three non-coinsurance options, and expounds on extra expense coverage. In addition, the book provides a business income checklist and guides you step by step through the business income application. |
| business interruption insurance claims examples: Riley on Business Interruption Insurance Harry Roberts, 2011 Provides an international guide to business interruption insurance, containing detailed comparison of UK and US practice and procedure. This work focuses on the wordings of policies in both the UK and US, but also offers coverage of activities and philosophies in Asia, Africa, the Americas, and Australasia |
| business interruption insurance claims examples: The Impacts of Natural Disasters National Research Council, Division on Earth and Life Studies, Commission on Geosciences, Environment and Resources, Committee on Assessing the Costs of Natural Disasters, 1999-05-06 We in the United States have almost come to accept natural disasters as part of our nation's social fabric. News of property damage, economic and social disruption, and injuries follow earthquakes, fires, floods and hurricanes. Surprisingly, however, the total losses that follow these natural disasters are not consistently calculated. We have no formal system in either the public or private sector for compiling this information. The National Academies recommends what types of data should be assembled and tracked. |
| business interruption insurance claims examples: FRS 102 , 2015 |
| business interruption insurance claims examples: The Commercial Union , 1885 |
| business interruption insurance claims examples: Coverage Matters Institute of Medicine, Board on Health Care Services, Committee on the Consequences of Uninsurance, 2001-10-27 Roughly 40 million Americans have no health insurance, private or public, and the number has grown steadily over the past 25 years. Who are these children, women, and men, and why do they lack coverage for essential health care services? How does the system of insurance coverage in the U.S. operate, and where does it fail? The first of six Institute of Medicine reports that will examine in detail the consequences of having a large uninsured population, Coverage Matters: Insurance and Health Care, explores the myths and realities of who is uninsured, identifies social, economic, and policy factors that contribute to the situation, and describes the likelihood faced by members of various population groups of being uninsured. It serves as a guide to a broad range of issues related to the lack of insurance coverage in America and provides background data of use to policy makers and health services researchers. |
| business interruption insurance claims examples: Insurance Claims Alison Padfield KC, 2021-02-12 Now in its Fifth Edition, Insurance Claims by Alison Padfield QC is a practitioner focused text providing a summary of the law as it relates to insurance claims, including claims against insurers and insurance brokers. It is an indispensable resource for those involved in the daily application of the law, whether as solicitors, barristers or insurance claims handlers. With significant developments in insurance law and a multitude of cases since the Fourth Edition, the new Fifth Edition: - Covers cases on the Insurance Act 2015, the Third Parties (Rights Against Insurers) Act 2010, and the Consumer Insurance (Disclosure and Representations) Act 2012 - Examines recent decisions of the Supreme Court, including The Financial Conduct Authority v Arch Insurance (UK) Ltd (the 'FCA Test Case') [2021] UKSC 1, and Privy Council, and also those handed down by the Court of Appeal - Is fully updated with coverage of all significant recent decisions - Covers claims against insurers and insurance brokers - Explains the meaning of terms and concepts in plain English, making it accessible to lawyers and non-lawyers alike Cases in the Supreme Court and Privy Council added since the last edition include: - The FCA Business Interruption Insurance Test Case [2021] UKSC 1 – construction of insurance contracts, causation including proximate cause & business interruption insurance - Halliburton Co v Chubb Bermuda Insurance Ltd [2020] UKSC 48 – principles governing recusal of arbitrators where multiple arbitrations with same or overlapping subject matter - Aspen Underwriting Ltd v Credit Europe Bank NV (The Atlantik Confidence) [2020] UKSC 11 – jurisdiction under Brussels Regulation (Recast) - Travelers Insurance Co Ltd v XYZ [2019] UKSC 48 – non-party costs orders against liability insurersPerry v Raleys Solicitors [2019] UKSC 5 – professional negligence damages - Atlasnavios-Navegação Lda v Navigators Insurance Co Ltd, The B Atlantic [2018] UKSC 26 – construction of insurance contracts & exclusion clauses - Ramsook v Crossley [2018] UKPC 9 – construction and application of claims control clauses - Gard Marine & Energy Ltd v China National Chartering Co Ltd [2017] UKSC 35 – waiver of rights of subrogation - AIG Europe Ltd v Woodman [2017] UKSC 18 – aggregation clauses - Sun Alliance (Bahamas) Ltd v Scandi Enterprises Ltd [2017] UKPC 10 – construction of contractors' all risks policy - Impact Funding Solutions Ltd v Barrington Services Ltd [2016] UKSC 57 – construction of insurance contracts & scope of cover/exclusion clauses Significant Court of Appeal decisions added for this new edition include: - Endurance Corporate Capital Ltd v Sartex Quilts & Textiles Ltd [2020] EWCA Civ 308 – reinstatement/betterment in property damage insurance - Manchikalapati v Zurich Insurance Plc [2019] EWCA Civ 2163 - construction of building guarantee insurance - Euro Pools plc v Royal & Sun Alliance plc [2019] EWCA Civ 808 – notification of claims in professional indemnity insurance - Equitas Insurance Ltd v Municipal Mutual Insurance Ltd [2019] EWCA Civ 718 – reinsurance of 'Fairchild enclave' employers' liability claims - Allianz Insurance Plc v Tonicstar Ltd [2018] EWCA Civ 434 – qualification of arbitrators - Spire Healthcare Ltd v Royal & Sun Alliance Insurance plc [2018] EWCA Civ 317 – aggregation clauses - Ted Baker plc v AXA Insurance UK [2017] EWCA Civ 4097 – insurance claims conditions and 'duty to speak' estoppel - AXA Versicherung Ag v Arab Insurance Group [2017] EWCA Civ 96 – pleading & proving inducement - W R Berkley Insurance (Europe) Ltd v Teal Assurance Co Ltd (No 2) [2017] EWCA Civ 25 – liability insurance & ascertainment of loss - Zurich Insurance plc v Maccaferri [2016] EWCA Civ 1302 – notification of claims A wealth of Commercial Court and Technology and Construction Court decisions are also covered, along with selected decisions from other jurisdictions including Scotland, Australia and New Zealand which are likely to be of interest to practitioners in England and Wales. Written by Alison Padfield QC, an authoritative author with extensive experience in insurance law, the new Fifth Edition will appeal to insurance lawyers, both solicitors and barristers in practice and in-house, insurance professionals, eg claims handlers and brokers, and insurance law students. |
| business interruption insurance claims examples: Business Income Insurance Disputes Richard P. Lewis, Nicholas M. Insua, 2012-08-24 Unexpected business disruptions and income losses can be triggered by many events: by large-scale disasters - hurricanes, floods, earthquakes, explosions - but also by relatively minor happenings such as a local blackout, computer outages, even something as simple as a street closing. What's more, in today's global economy, major business interruptions can be caused by events far away - a breakdown in goods production in Taiwan or a power failure in India. Business Income Insurance Disputes, Second Edition helps you prepare for any eventuality. It covers everything from the basics of first-party property insurance and case law which impacts time-element coverages - to practical strategies for dealing with today's most complex business income insurance law issues and questions. Unlike the majority of books in this field, this new guide focuses primarily on the side of the policyholder. Yet it will prove useful to insurance company counsel and executives as well, giving them valuable insights into the insured's strategies In clear, plain-English terms Business Income Insurance Disputes, Second Edition helps you.... Provide sound insurance advice to your clients or company Review business income insurance forms; resolve problems stemming from vaguely-worded language; see that coverage is sufficient and all necessary clauses are included Determine the rate of loss accurately and prove that loss Protect against common insurance company tactics Negotiate effectively Avoid pitfalls and costly omissions Anticipate court responses Gain the winning edge in litigation |
| business interruption insurance claims examples: Litigation Services Handbook Roman L. Weil, Peter B. Frank, Christian W. Hughes, Michael J. Wagner, 2007-01-02 Litigation Services Handbook, Fourth Edition is referred to as the litigation bible. Its nearly 50 chapters read like a who's who in law and accounting. The handbook includes all aspects of litigation services, including current environments, the process itself, a wealth of cases, how to prove damages, and practical considerations of court appearances. The new edition has a heavy focus on fraud investigations and complying with Sarbanes-Oxley requirements. |
| business interruption insurance claims examples: Earthquake Insurance in Turkey Eugene Gurenko, 2006 This publication, Earthquake insurance in Turkey, is an exposition of the dangers faced by Turkey as it is located in one of the most active earthquake (EQ) and volcanic regions in the world on the one hand, and, on the other hand, the efforts that Turkey is making to alleviate the social and fiscal disasters that are caused when these calamities do strike. The persistent potential for large-scale disasters has led to the establishment of the Turkish Catastrophe Insurance Pool (TCIP) in 1999. The main rationale for the creation of TCIP was a very low level of catastrophe insurance penetration among households. The authors stress that the four principal objectives of the program are to (1) provide earthquake insurance coverage at affordable but actuarially sound rates for all registered urban dwellings, (2) limit the government's financial exposure to natural disasters, (3) build long-term catastrophe reserves to finance future earthquake losses, and (4) encourage risk reduction and mitigation practices in residential construction. The book points out that the program has reduced significantly the government's fiscal exposure to EQ risk. In five years, the TCIP transformed itself from an unknown and controversial government-sponsored program to one of the most trusted brand names in the Turkish insurance industry. Moreover, it has led the World Bank to rethink the roles of ex-ante risk management relative to ex-post donor support. In this context, the World Bank supported Turkey's earthquake insurance program to establish and expand national catastrophic risk management and risk transfer capabilities. The authors conclude that the TCIP's success has brought it worldwide recognition. Inspired by the TCIP's example, more than a dozen countries, including China, Colombia, Greece, India, the Islamic Republic of Iran, Italy, the Philippines, Romania, and nine island states of the Caribbean have begun technical and legislative preparation of catastrophe insurance programs. |
| business interruption insurance claims examples: Understanding the ISR Policy Allan Manning, 2005 |
| business interruption insurance claims examples: Enhancing the Role of Insurance in Cyber Risk Management Organization for Economic Cooperation and Development, 2017 The digital transformation of economic activities is creating significant opportunities for innovation, convenience and efficiency. However, recent major incidents have highlighted the digital security and privacy protection risks that come with an increased reliance on digital technologies. While not a substitute for investing in cyber security and risk management, insurance coverage for cyber risk can make a significant contribution to the management of cyber risk by promoting awareness about exposure to cyber losses, sharing expertise on risk management, encouraging investment in risk reduction and facilitating the response to cyber incidents. This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges. It includes a number of policy recommendations which support the development of the cyber insurance market and contribute to improving the management of cyber risk. |
| business interruption insurance claims examples: Insuring Cargoes K. S. Vishwanath, 2010 |
| business interruption insurance claims examples: Proceedings of the Casualty Actuarial Society Casualty Actuarial Society, 1999 List of members for the years 1914-20 are included in v. 1-7, after which they are continued in the Year book of the society, begun in 1922. |
| business interruption insurance claims examples: The Financial Services Sourcebook Robert Cunnew, Alison Scammell, 2017-09-29 Provides a first port of call for those seeking information sources in a sector that has undergone tremendous change in recent years. Includes information on banks and building societies, insurance companies, investment funds and pension funds. Highlights essential reference works, consumer information, career guides, technical reports, official publications, market and company research, product information and electronic resources. Identifies the most appropriate sources and provides assistance in choosing between competing items and provides an overview of significant international sources |
| business interruption insurance claims examples: Applied Takaful and Modern Insurance Mohd. Ma'sum Billah, 2007 |
| business interruption insurance claims examples: Accountants' Handbook, Financial Accounting and General Topics D. R. Carmichael, Lynford Graham, 2012-06-05 This highly regarded reference is relied on by a considerable part of the accounting profession in their day-to-day work. This comprehensive resource is widely recognized and relied on as a single reference source that provides answers to all reasonable questions on accounting and financial reporting asked by accountants, auditors, bankers, lawyers, financial analysts, and other preparers and users of accounting information. The new edition reflects the new FASB Codification, and includes expanded coverage of fair value and guidance on developing fair value estimates, fraud risk and exposure, healthcare, and IFRS. |
| business interruption insurance claims examples: Title Company Security Eric N. Peterson, 2024-10-27 “Title Company Security: A Practical Guide to Cyber Threats and Solutions” provides an essential roadmap for title companies navigating today's increasingly risky digital landscape. As cyber threats grow more sophisticated, title companies handling sensitive client information and high-value real estate transactions become prime targets for attacks like wire fraud, phishing, ransomware, and Business Email Compromise (BEC). This guide offers a comprehensive look at the unique cybersecurity challenges faced by title companies and delivers actionable strategies to protect your business from evolving threats. Written by a cybersecurity expert with years of experience safeguarding critical industries, this book explores real-world scenarios and practical solutions, helping you understand how cybercriminals target the title industry. You'll discover proven tactics to safeguard sensitive data, secure digital transactions, and maintain compliance with industry regulations, all while empowering your employees to recognize and respond to potential threats. Whether you're an executive, IT manager, or security professional working in a title company, this guide equips you with the tools needed to build robust defenses and ensure business resilience. With clear explanations, actionable advice, and ready-to-use templates, Title Company Security: A Practical Guide to Cyber Threats and Solutions will help you stay one step ahead in protecting your clients and your company’s reputation. Don’t wait for a cyber incident to take action—strengthen your defenses now with this essential resource. |
| business interruption insurance claims examples: Professional Practice for Interior Designers Christine M. Piotrowski, 2011-09-20 The text of choice for professional interior design practice -- now with companion CD-ROM! Since publication of the first edition in 1990, Professional Practice for Interior Designers has remained the leading choice for educators for teaching interior design business practice as well as for professionals seeking to advance in their own practices. This ASID/Polsky Prize winner is recommended by the NCIDQ for exam preparation and covers the gamut of legal, financial, management, marketing, administrative, and ethical issues. You gain all the essential skills needed for planning and maintaining a thriving interior design business, presented in the clear, easy-to-follow style that is the hallmark of this text. This edition is completely current with the latest business practices and features a host of new practice aids: Companion CD-ROM includes a trial version of professional practice software, business forms, numerous short articles, plus additional information and resources. New examples help you manage the latest challenges and implement the latest business practices. A new chapter devoted to strategic planning explains this important business concept in easy-to-understand language for students and professionals. Brief what would you do case studies in each chapter challenge you to respond to ethical issues faced by today's interior designers. From creating a business plan to launching a promotional campaign to setting up a computerized accounting system, everything you need to launch and sustain a successful interior design practice is here. |
| business interruption insurance claims examples: The Insurance of Commercial Risks Digby Charles Jess, 2011 This fourth edition of 'The Insurance of Commercial Risks' has been fully revised and updated. The work maintains its focus on the special types of commercial policies that have been devised to protect business against risk. |
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| business interruption insurance claims examples: IFRS 5 Non-current Assets Held for Sale and Discontinued Operations International Accounting Standards Board, 2004 |
| business interruption insurance claims examples: Natural Catastrophe Risk Management and Modelling Kirsten Mitchell-Wallace, Matthew Jones, John Hillier, Matthew Foote, 2017-04-24 This book covers both the practical and theoretical aspects of catastrophe modelling for insurance industry practitioners and public policymakers. Written by authors with both academic and industry experience it also functions as an excellent graduate-level text and overview of the field. Ours is a time of unprecedented levels of risk from both natural and anthropogenic sources. Fortunately, it is also an era of relatively inexpensive technologies for use in assessing those risks. The demand from both commercial and public interests—including (re)insurers, NGOs, global disaster management agencies, and local authorities—for sophisticated catastrophe risk assessment tools has never been greater, and contemporary catastrophe modelling satisfies that demand. Combining the latest research with detailed coverage of state-of-the-art catastrophe modelling techniques and technologies, this book delivers the knowledge needed to use, interpret, and build catastrophe models, and provides greater insight into catastrophe modelling’s enormous potential and possible limitations. The first book containing the detailed, practical knowledge needed to support practitioners as effective catastrophe risk modellers and managers Includes hazard, vulnerability and financial material to provide the only independent, comprehensive overview of the subject, accessible to students and practitioners alike Demonstrates the relevance of catastrophe models within a practical, decision-making framework and illustrates their many applications Includes contributions from many of the top names in the field, globally, from industry, academia, and government Natural Catastrophe Risk Management and Modelling: A Practitioner’s Guide is an important working resource for catastrophe modelling analysts and developers, actuaries, underwriters, and those working in compliance or regulatory functions related to catastrophe risk. It is also valuable for scientists and engineers seeking to gain greater insight into catastrophe risk management and its applications. |
| business interruption insurance claims examples: Enhancing the Role of Insurance in Cyber Risk Management OECD, 2017-12-08 This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges. |
| business interruption insurance claims examples: Concise Encyclopedia of Insurance Terms Lawrence Silver, Robert E Stevens, Kenneth Clow, 2010-06-10 The purpose of the book is to provide insurance practitioners, consumers, and students with definitions of common insurance terms in both the property/casualty and life/health insurance industries. The unique feature of the book is that many of the definitions contain detailed explanations of coverage provided by certain types of insurance and/or examples that illustrate how a particular coverage works. The book should be helpful to insurance agents and to new insurance agency/company personnel. It will also be helpful to consumers to use as a reference guide to better understand insurance products the consumer needs. Finally, it will be useful as a reference guide for students in business courses. |
| business interruption insurance claims examples: Value and Capital Management Thomas C. Wilson, 2015-08-31 A value management framework designed specifically for banking and insurance The Value Management Handbook is a comprehensive, practical reference written specifically for bank and insurance valuation and value management. Spelling out how the finance and risk functions add value in their respective spheres, this book presents a framework for measuring – and more importantly, influencing – the value of the firm from the position of the CFO and CRO. Case studies illustrating value-enhancing initiatives are designed to help Heads of Strategy offer CEOs concrete ideas toward creating more value, and discussion of hard and soft skills put CFOs and CROs in a position to better influence strategy and operations. The challenge of financial services valuation is addressed in terms of the roles of risk and capital, and business-specific value trees demonstrate the source of successful value enhancement initiatives. While most value management resources fail to adequately address the unique role of risk and capital in banks, insurance, and asset management, this book fills the gap by providing concrete, business-specific information that connects management actions and value creation, helping readers to: Measure value accurately for more productive value-based management initiatives and evaluation of growth opportunities Apply a quantitative, risk-adjusted value management framework reconciled with the way financial services shares are valued by the market Develop a value set specific to the industry to inspire initiatives that increase the firm's value Study the quantitative and qualitative management frameworks that move CFOs and CROs from measurement to management The roles of CFO and CRO in financial firms have changed dramatically over the past decade, requiring business savvy and the ability to challenge the CEO. The Value Management Handbook provides the expert guidance that leads CFOs and CROs toward better information, better insight, and better decisions. |
| business interruption insurance claims examples: Insurance Law and the Financial Ombudsman Service Judith Summer, 2013-05-02 Insurance Law and the Financial Ombudsman Service is an in depth look at the workings and insurance decisions of the Financial Ombudsman Service. The book analyses how the Ombudsman Service decides insurance cases and compares its approach to that of a court. This book sets out the rules, procedure and approach of the Ombudsman Service, succinctly summarises the relevant insurance law and compares and analyses it against a comprehensive review of material about insurance complaints gathered since the formation of the Ombudsman Service in 2001. |
| business interruption insurance claims examples: Sustainable Products Michael Has, 2022-02-07 Sustainable production presented from an overarching perspective. The book provides information on the identification and assessment of footprints, concepts of sustainability practice in manufacturing companies, stakeholder management and communication. For the reader practical examples permit the analysis of the current situation and emerging developments. the current technical status of footprint analysis according to the Green House Gas Protocol is displayed. case studies with a focus on the manufacturing industry are discussed. |
| business interruption insurance claims examples: Ten Laws of Operational Risk Michael Grimwade, 2022-01-04 TEN LAWS OF OPERATIONAL RISK Unlike credit and market risk, operational risk currently lacks an overarching theory to explain how and why losses occur. As a result, operational risk managers have been forced to use unsatisfactory tools and processes that fail to add sufficient commercial value. In Ten Laws of Operational Risk: Understanding its Behaviours to Improve its Management, Michael Grimwade delivers an insightful discussion of the nature of operational risk and a groundbreaking redesign of the profession???s existing tools. The author???s Ten Laws are grounded on the business profiles of firms and the human and institutional behaviours that drive operational risk. They are underpinned by taxonomies for the causes; the inadequacies or failures that constitute both control failures and events; and the impacts of operational risks. Drawing on twenty-five years of first-hand experience and research, this book explains the patterns and trends that are apparent in the historical data and offers solutions to the persistent problems inherent in risk appetite, RCSAs, scenario analysis, reputational risk, stress testing, capital modeling, and insurance. It also provides fresh insights into the everyday activities of risk managers with respect to predictive key risk and control indicators, root cause analysis, why controls fail, the risks posed by change, and product risk profiles. Ten Laws of Operational Risk presents a structured and evidence-based approach to identifying emerging risks and predicting future behaviours related to pandemics, climate change, cybercrime, artificial intelligence, and machine learning. It includes revealing industry data, in-depth case studies, and real-world examples that shed light on recurring and obstinate problems in operational risk management. A must-read resource for Chief Risk Officers and other risk professionals, as well as regulators, management consultants, and students and scholars of operational risk, Ten Laws of Operational Risk provides an invaluable new, systematic, and rigorous approach to operational risk management. PRAISE FOR TEN LAWS OF OPERATIONAL RISK ???Operational Risk can no longer be described as a new concept, but as a discipline few attempts have been made to really understand its behaviour. In his book Michael does this very successfully, blending extensive practical experience with analytical thought leadership to propose a set of laws that explain why and how Operational Risks arise, and what can be done to manage them. Assertions are evidence based, with numerous real examples used to underpin his hypotheses. This is a valuable addition to Operational Risk thinking and is recommended for experienced professionals and novices alike.??? ??? Dr Luke Carrivick, Director of Research & Information, ORX ???Michael has established himself as one of Operational Risk???s foremost thinkers. His ability to use historical data to analyse events is unrivalled. In this must-read book, he identifies ten fundamental laws that provide every Operational Risk practitioner with a clear set of rules they can use to understand current events and predict their impacts.??? ??? Andrew Sheen, former Head of the FSA???s Operational Risk Review team ???Michael is one of the most prominent thinkers in Operational Risk. He combines a long career in Operational Risk management and measurement with a deep, long-standing reflection on the fundamental causes, dynamics and patterns in the manifestation of Operational Risk events. He produces, with this book, a remarkable synthesis of his insightful and innovative work.??? ??? Dr Ariane Chapelle, Honorary Reader, University College London; Managing Partner, Chapelle Consulting ???Michael is a highly respected expert in the field of Operational Risk, who has developed some ground-breaking frameworks for analysing this risk and guiding better risk management decisions. As a working practitioner in the field he brings many insights that will appeal to other practitioners as well as regulators, students and scholars.??? ??? Professor Elizabeth Sheedy, Macquarie Business School ???Michael???s views and analysis challenge the traditional Basel II views of Operational Risk and are genuinely thought-provoking. His book on the Ten Laws of Operational Risk will give financial services clarity and a practical view, where it has been previously lacking, on how best to manage such risks.??? ??? Tin Lau, Group Head of Financial and Strategic Risk, TP ICAP |
| business interruption insurance claims examples: Cyber Risks and Insurance: The Legal Principles Dean Armstrong KC, Thomas Steward, Shyam Thakerar, 2021-07-22 Full of tips, case studies, tables and checklists this new title sets out the parameters of liability in respect of potential and actual cyber insurance claims and examines the significant areas where such claims will have the greatest impact. Covering First and Third party insurance, it provides the answers to questions such as: What is the extent to which a data breach can be protected or mitigated against by having suitable insurance in place? How does having insurance interplay with obligations under the GDPR? To what extent can insurance be used to safeguard driverless cars, drones and other AI-machines? How can insurance companies assist when hackers hold companies to ransom after stealing data? How can insurance assist with smart contracts on the blockchain and for potential coding errors? How can insurance mitigate against the hacking of online systems of manned ships? |
| business interruption insurance claims examples: Lees' Loss Prevention in the Process Industries Frank Lees, 2012-11-05 Safety in the process industries is critical for those who work with chemicals and hazardous substances or processes. The field of loss prevention is, and continues to be, of supreme importance to countless companies, municipalities and governments around the world, and Lees' is a detailed reference to defending against hazards. Recognized as the standard work for chemical and process engineering safety professionals, it provides the most complete collection of information on the theory, practice, design elements, equipment, regulations and laws covering the field of process safety. An entire library of alternative books (and cross-referencing systems) would be needed to replace or improve upon it, but everything of importance to safety professionals, engineers and managers can be found in this all-encompassing three volume reference instead. - The process safety encyclopedia, trusted worldwide for over 30 years - Now available in print and online, to aid searchability and portability - Over 3,600 print pages cover the full scope of process safety and loss prevention, compiling theory, practice, standards, legislation, case studies and lessons learned in one resource as opposed to multiple sources |
| business interruption insurance claims examples: Wiley GAAP 2024 Joanne M. Flood, 2023-11-28 The gold standard in US GAAP resources—fully revised to reflect the latest pronouncements US GAAP undergoes constant revision and review, requiring accountants and other financial practitioners to keep a close eye on updates and changes. Wiley GAAP 2024 offers the most comprehensive coverage of all Financial Accounting Standards Board (FASB) Topics—including all the latest updates. Every chapter offers a discussion of relevant perspectives and issues, GAAP sources, practice-oriented examples, and clear definitions of terms, concepts, and rules. Every FASB Topic is clearly explained in a reader-friendly way and includes dynamic graphics to help the reader understand and retain the nuanced subject matter. Extensively updated to reflect all current US GAAP changes, this invaluable practice resource: Reviews all the latest changes to accounting principles Offers expert guidance on complex issues raised by specific pronouncements For ease of research, includes topic-specific chapters and comprehensive cross-references Illustrates how each standard applies to common, real-world scenarios Clarifies how to implement each standard with numerous practical examples The 2024 edition includes the latest revisions to standards on credit losses, leases, derivatives, and more, plus guidance on a new FASB Codification topic on government assistance. Non-compliance with GAAP is not an option for effective accounting and financial professionals. Wiley GAAP 2024 is your one-stop resource for staying current with constantly evolving guidelines and delivers the insight and guidance you need. BONUS: Online, downloadable Financial Statement Disclosure and Presentation Checklist, now including industry- specific disclosures! |
| business interruption insurance claims examples: Project Finance in Developing Countries Priscilla Anita Ahmed, Xinghai Fang, 1999-01-01 This report explores the changing face of project finance in developing markets. IFC, and more recently, other multilateral, bilateral, and export credit institutions have played a strong suportive role in bringing project finance to its current volumes. This role was highlighted in 1998, when these institutions sustained flows of an estimated $25 billion at a time when there was an abrupt decline in some types of private flows. IFC, in particular, was a pioneer of project finance in developing countries and has a unique depth of experience in this field, which spans more than 40 years in the practical implementation of some 2000 projects, many of them on a limited-recourse basis. Particularly in today's marketplace, IFC's ability to mobilize finance (both loan and equity for its own account and syndicated loans under its B-loan program), the strength of iis project appraisal capabilities, and its experience in structuring complex transactions in difficult environments have been reassuring to other participants and important to the successful financing of many projects. This report draws on IFC's experience in more than 230 greenfield projects costing upward of $30 billion that relied on project finance on a limited-recourse basis (see Appendix A). It opens with a brief description of the major international trends in project finance over the past two decades and then turns to the essential ingredients of successful project financing.--Publisher abstract. |
| business interruption insurance claims examples: Valuing Damages for Loss of Business Income and Casualty Insurance Claims Joseph Segal, 1991 |
| business interruption insurance claims examples: Wiley GAAP 2023 Joanne M. Flood, 2022-11-29 The gold standard in US GAAP resources—fully revised to reflect the latest pronouncements US GAAP undergoes constant revision and review, requiring accountants and other financial practitioners to keep a close eye on updates and changes. Wiley GAAP 2023 offers the most comprehensive coverage of all Financial Accounting Standards Board (FASB) Topics—including all the latest updates. Every chapter offers a discussion of relevant perspectives and issues, GAAP sources, practice-oriented examples, and clear definitions of terms, concepts, and rules. Every FASB Topic is clearly explained in a reader-friendly way and includes dynamic graphics to help the reader understand and retain the nuanced subject matter. Extensively updated to reflect all current US GAAP changes, this invaluable practice resource: Reviews all the latest changes to accounting principles Offers expert guidance on complex issues raised by specific pronouncements For ease of research, includes topic-specific chapters and comprehensive cross-references Illustrates how each standard applies to common, real-world scenarios Clarifies how to implement each standard with numerous practical examples The 2023 edition includes the latest revisions to standards on credit losses, leases, derivatives, and more, plus guidance on a new FASB Codification topic on government assistance. Non-compliance with GAAP is not an option for effective accounting and financial professionals. Wiley GAAP 2023 is your one-stop resource for staying current with constantly evolving guidelines and delivers the insight and guidance you need. BONUS: Online, downloadable Financial Statement Disclosure and Presentation Checklist, now including industry- specific disclosures! |
| business interruption insurance claims examples: Legal Aspects of Doing Business in North America [2009] I Christian, Editor Campbell, 2009-11-19 Vol I 2009: United States ' Alabama-Massachusetts. Legal Aspects of Doing Business in North America, a three-volume set with approximately 1,500 pages, provides a survey of the requirements for doing business and investing in Canada, Mexico, and the United States, including state-by-state and province-by-province analysis for Canada and the United States. The reports are prepared by local business practitioners and offer practical insights into issues relating to selection of form for doing business, incentives, taxation, labor and employment, liabilities, and dispute resolution. Order volumes II and III to complete the set. The publication is replaced by an updated volume annually. Purchase of print version includes 24/7 online access. A 10% discount applies to a subscription for next year's update. A 25% discount applies to a subscription for three years of updates. Discounts are applied after purchase by rebate from publisher. |
| business interruption insurance claims examples: Disaster Insurance Reimagined Paula Jarzabkowski, Paula (Professor of Strategic Management Jarzabkowski, Professor of Strategic Management University of Queensland and City University of London), Konstantinos Chalkias, Konstantinos (Senior Lecturer in Management Chalkias, Senior Lecturer in Management Birkbeck University of London), Eugenia (Senior Lecturer in Management Cacciatori, Bayes Business School Senior Lecturer in Management Bayes Business School City University of London), Senior Lecturer in Management Bayes Business School Eugenia Cacciatori, Rebecca Bednarek, Rebecca (Associate Professor Bednarek, Associate Professor Victoria University Wellington), 2023-08 This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Academic and offered as a free PDF download from OUP and selected open access locations. This book examines the growing role and importance of 'Protection Gap Entities' (PGEs), not-for-profit entities providing insurance protection that would otherwise be unavailable within a purely private sector context. Around the world, PGEs and the insurance instruments they use are becoming increasingly crucial in making sure that funds are available to rebuild after disasters. These PGEs, typically developed as collaborations between governments and the insurance industry, enable insurance to continue at a time when climate change, urbanization, global interdependence, and geo-political instability are making disaster insurance increasingly expensive or unavailable. Given their growing importance, understanding the role of PGEs in both insurance protection and their potential to create a more resilient society is critical. Disaster Insurance Reimagined uses practical examples from different countries to explain how PGEs step in to maintain disaster insurance and how their work can, but does not always, improve financial and physical resilience to disaster. Drawing on 5 years of research into 17 entities that provide insurance cover in 49 countries, the authors examine the strengths, limitations, and evolution of PGEs in providing disaster protection in the face of a growing insurance crisis. They provide an accessible discussion of disaster insurance, its complexities, and the transformation it needs to undergo in order to remain relevant and to contribute to meaningful disaster protection. PGEs and their work offer a path to re-imagining disaster insurance as a key tool in an ecosystem that has societal protection from disaster at its heart. |
LBIA Guide to Business Interruption Insurance and …
Business interruption (BI) insurance has developed to help the Insured regain their predicted pre-loss trading …
Business Interruption – Example of Claims - sioma.…
Claim: The company claims business interruption insurance to cover lost revenue from orders that couldn't be …
COMPLEX BUSINESS INTERRUPTION CLAIMS: W…
•Property/business interruption insurance policies contain a policy condition which requires that any suit …
Claims Examples Cyber Event Protecti - emergenceinsura…
If Contingent Business Interruption cover is applicable, we would pay the bedding manufacturer’s impact on business …
BUSINESS INTERRUPTION INSURANCE: FROM COVERA…
What is Business Interruption Insurance? 6 • Form of insurance that provides coverage for business losses …
Commercial Insurance: Business Interruption - DW…
We have cross-skilled and experienced teams advising in the field of business interruption (BI) insurance claims. …
Claims Scenarios
Following are several examples of claims a multinational company could face: During a flare up of violence in …
Claims Pespective on Business Interruption - Munich Re
What is Business Interruption insurance? So, the decision has been made to purchase BI Insurance… The Objective of the BI Insurance is to pay:..... The loss of Gross Profit/ Gross …
LBIA Guide to Business Interruption Insurance and Claims
Business interruption (BI) insurance has developed to help the Insured regain their predicted pre-loss trading position. The intention of a BI policy is to maintain the turnover of the business …
Business Interruption – Example of Claims - sioma.co.uk
Claim: The company claims business interruption insurance to cover lost revenue from orders that couldn't be fulfilled, as well as the costs of temporary facilities or renting equipment.
COMPLEX BUSINESS INTERRUPTION CLAIMS: WHAT TO …
•Property/business interruption insurance policies contain a policy condition which requires that any suit against the insurance company be filed within 1, 2 or 3 years after the date of loss. …
Claims Examples Cyber Event Protecti
If Contingent Business Interruption cover is applicable, we would pay the bedding manufacturer’s impact on business costs arising from an outage at the external suppliers’ business. Our Cyber …
BUSINESS INTERRUPTION INSURANCE: FROM COVERAGE …
What is Business Interruption Insurance? 6 • Form of insurance that provides coverage for business losses sustained by a policyholder as a result of an insured peril. • Coverage period …
Commercial Insurance: Business Interruption - DWF Group
We have cross-skilled and experienced teams advising in the field of business interruption (BI) insurance claims. What sets us apart is our commitment to deliver commercially driven, …
Claims Scenarios
Following are several examples of claims a multinational company could face: During a flare up of violence in the middle east, the insured, which organizes student trips, was forced to evacuate, …
Business Interruption Insurance Claims Examples
Business Interruption Insurance Claims Examples: Business Interruption Daniel T. Torpey,Sherilyn Pastor,Daniel G. Lentz,Nicholas M. Insua,2011 Business interruption claims …
Business Interruption Insurance Compendium - Society of …
In general, business interruption (BI) insurance is insurance coverage that replaces business income lost in a disaster1. BI insurance is an unusual and complicated coverage. A BI policy is …
Business Interruption Claims: Provide Prompt Notice and …
Below we describe some of the key policy provisions, provide examples of how they may apply in unexpected ways to allow our clients to obtain coverage, set out important considerations for …
Business Interruption Insurance Test Case - Proposed …
BUSINESS INTERRUPTION INSURANCE TEST CASE PROPOSED REPRESENTATIVE SAMPLE OF POLICY WORDINGS The following are the potentially applicable and relevant …
Natural Catastrophes: Preparing for Business Interruption …
Natural Catastrophes: Preparing for Business Interruption and Extra Expense Claims Author: Gallagher Insurance and Risk Management Subject: Our catastrophe planning checklist helps …
Misadventures in Business Interruption (BI) Insurance
Policies covering BI as a result of, or tied to, property damage (PD) are the industry standard, but sometimes fall short of policyholders’ recovery expectations, or fail to respond at all to a …
Business Interruption 2 - Causation and Quantum
Businesses that continue to operate during lockdown may be able to bring a claim for interruption if an employee tests positive and production or supply is disrupted as a result.
What do I need to provide to make a Business Interruption …
Insurers have worked together to collate the list set out below to assist BI policyholders when making a claim in respect of COVID-19 related losses. This list provides a general outline of …
Revisiting Loss Calculations For Business Interruption Claims
Revisiting Loss Calculations For Business Interruption Claims By David Yohai and Heather Weaver (November 15, 2021) Courts across the globe are flooded with business interruption …
QBE CyberCrime - some claims examples - QBE Europe
When their e-commerce website crashes it is suspected that a competitor has used a ‘botnet’ to shut the business down during a busy period, leading to severe business interruption and …
Cyber Claims Examples - Great American Insurance Group
Contingent Business Interruption: Bad Actors launched a ransomware attack against one of the policyholder’s cloud service providers, resulting in a substantial service disruption. The insured …
Cyber Claims Scenarios - Chubb
Business Interruption An Insured that sells retail goods was struck with a virulent strain of ransomware that encrypted its data, crippled its systems, and demanded $25,000 in Bitcoin.
