I cannot understand the copycat attacks following the strawberry product tampering

I cannot understand the copycat attacks following the strawberry product tampering

My latest book, co-authored with my daughter Susan, Chicago: Lessons Learned has just gone off to the printers in readiness for the launch in Chicago on the day Susan graduates with her Doctor of Psychology.  One of the 6 case studies that we researched was the Tylenol Murders in 1982 which led to massive changes in packaging to prevent a re-occurrence. While no one was […]

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Can interest on a loan be claimed under a business interruption policy?

Can interest on a loan be claimed under a business interruption policy?

One issue keeps coming up more regularly internally here at LMI than any other and that is loss adjusters refusing outright to consider additional interest being claimed as an Increase or Additional Increase in Cost of Working. I cannot understand why this is an issue as I know of hundreds if not thousands of cases where it has been paid. Yet what is happening is […]

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Books glorious books – LMI Library continues to grow

Books glorious books – LMI Library continues to grow

The LMI Library continues to grow through 3 methods. Purchases we make when we see a newly published book on an insurance or risk management topic; Books that I or the team at LMI publish; and The very generous donations by those in the insurance industry who are looking for a good home for their own collection/library. Over the past week we received two wonderful […]

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Blog question – Additional Increase in Cost of Working under an ISR

I received this question which I felt was worth sharing. Allan, I have for many years referred to your most excellent publication for guidance relative to BI [Business Interruption] insurance. The guide makes reference to the Industry Mark IV wording and it is in respect of the Mark IV wording that I have an enquiry, where I could not locate any reference to my particular […]

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The major risks facing business in 2018

Business Interruption, cyber attacks, and natural catastrophes are, not surprisingly to us in the industry, the leading business risks this year, according to more than 1,900 risk experts from 80 countries polled for the latest Allianz Risk Barometer. The survey by Allianz Global Corporate and Specialty reveals that cyber attacks and business interruption remain the leading two risks in Australia. What remains disappointing is that […]

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Profiting at other people’s expense

The Courier Mail reported on builders massively overcharging victims of Cyclone Debbie and the floods that followed further south. Click here for the article. This sadly occurs after every natural disaster to some extent and while some as the Insurance Council of Australia state is due to demand surge, some clearly is a giant rip off. Every trained loss adjuster and claims preparer will be carefully […]

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Business Interruption Issues Series – Part 5 – Time Excesses – Part D – Possible Solutions

After addressing 3 common problems in time excesses last week, I return to the topic with some possible solutions. What is the Answer? I would suggest there are several answers to the problems of time deductibles, and would like to explore three with you. The first is to replace the excess/deductible with a franchise. If the insured business is disrupted due to an event for a […]

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Business Interruption Issues Series – Part 4 – Time Excesses – Part C

  This is the third post in this series on time excesses and the fourth on common business interruption issues that started on Monday 10th April 2017.   I continue the examination of time excesses using another case study. Case Study 3: The Policy will not Cover Losses within the First 48 Hours The third case involves a wording that states the policy will not cover […]

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Business Interruption Issues Series – Part 3 – Time Excesses – Part B

Today, we continue our discussion on time deductibles. As I did yesterday, I draw on a case study to explain an issue. Case Study 2: 24 Hours after Cessation of Supply This case study involves another large manufacturer. In this case, the wordings for the time deductible is contained within the Public Utility clause provided that cover does not commence until “24 hours after cessation of […]

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Business Interruption Issues Series – Part 2 – Time Excesses – Part A

Following on from yesterday’s article on part insuring a standing charge, I move to time excesses for the rest of this week. When I wrote the first edition of my book on Business Interruption, time excesses were relatively new, except for particularly large risks, especially in the mining industry. The large number of business interruption claims that arose from the gas crisis in Victoria, Australia in September […]

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