Businesses Far from Katrina May Have Insurance Claims
The humanitarian losses due to Hurricane Katrina are staggering. The economic effects to businesses are still being explored. Via the In House Counsel Blog:
"Businesses lucky enough to be located outside of Katrina's wrath still are exposed to losses from the hurricane: while they may not have suffered physical losses to their assets, their suppliers or customers, or both, may have been damaged. As a result, these "unaffected" businesses may have coverage for their own economic losses stemming from Katrina.An increasingly common add-on to coverage in recent years has been "contingent" business-interruption coverage (or contingent business-income coverage). These policies are limited in what types of event triggers their coverage: typically, only those hazards that are insured against with respect to the insured's own assets qualify as covered events when they befall the insured's supplier or the insured's customer."