Meghan H. Magruder, Anthony P. Tatum, Shelby S. Guilbert, and Robert D. Stonebraker
In 2011, businesses around the world incurred billions of dollars in losses following a rash of tornadoes that struck throughout the United States, a category-three hurricane that narrowly missed New York City, devastating floods in Australia and Thailand, and an unprecedented catastrophe in Japan following last year's devastating earthquake, tsunami, and the ensuing explosions at the Fukushima nuclear power plants. In the wake of these disasters, many businesses learned the hard way that catastrophic events in far-reaching corners of the globe can cause severe supply chain disruptions closer to home, resulting in significant losses that may or may not be covered business interruption losses under property damage policies.
The 2012 North Atlantic hurricane season is just around the corner, and many policyholders are now approaching upcoming renewals. At the same time, property insurers are actively considering ways to limit their exposure for catastrophic events following the second costliest year on record for the insurance industry.
This month's program will provide an overview of the types of property damage and business interruption issues that businesses typically face following a natural disaster or catastrophic event, and will discuss practical steps companies should take now to maximize coverage, and when pursuing a claim in the event of a loss.
Specific topics to be addressed include:
- Key Property Damage and Business Interruption Coverages: An overview of the most important sources of coverage for property damage and business interruption losses, including contingent business interruption coverage for supply chain disruption.
- Identifying the cause of loss: A guide to navigating the insuring provisions to identify the cause of loss and to maximize coverage.
- Establishing your covered loss: How-to tips on pursuing and proving covered property and business interruption loss.
- Pitfalls to avoid when making a claim: A guide to navigating policy exclusions and other limitations and conditions to coverage in light of recent trends in the case law following Hurricane Katrina and the Deepwater Horizon Oil Spill.
This program will be of interest to outside counsel, corporate counsel, risk managers, and other corporate officers in supervisory and management roles who are likely to be responsible for an organization's insurance coverage.
Professional Development Manager
King & Spalding LLP
1180 Peachtree Street NE
Atlanta, GA 30309
+1 404 572 4924 Direct