Commercial Lines

Some insurers cover Business Interruption or Contingent Business Interruption (CBI) losses that do not result from actual physical damage to a policyholders or its suppliers property.

John OConnor, Vice President of Strategic Product & Platform Development for Travelers Small Commercial, tells NU that identifying the risks seasonal staff can bring to the businesswhether its a restaurant, landscaper or general contractoris key to protecting the company during and beyond the summer months.

Insurers are rewarding general contractors with a history of running effective wrap-up programs, but are hiking others rates.

Insurers suffered sizable Contingent Business Interruption (CBI) losses last year, as catastrophes such as the Japan earthquake and Thai flooding wreaked havoc on supply chains worldwide. CBI losses, in fact, likely accounted for a substantial portion of the massive cat claims in 2011.

As the number of catastrophe bonds has grown over the past five years so has the use of industry triggers to determine the release of capital, according to a report from Property Claim Services.

In this weekly segment, we bring you the top stories from PropertyCasualty360.com for the week. Click to see the top stories for the week of July 2, 2012.