Midwest/Chicago area winter thaw highlights snowmelt as impetus for water intrusion

Chicago, IL and most of the Midwest are currently experiencing a mid-winter thaw that has resulted in flooded buildings and basements throughout the region.  The unseasonably warm air that pushed through the area over the past two days has created a new risk for building owners and managers in the ...
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Hail damage, insurance coverage and business risks

Business or risk managers reviewing storm related insurance coverage often focus on wind and flooding as the key points of exposure.  An often overlooked storm effect is hail, which can result in catastrophic damage to business property, landscaping, equipment and people. “The National Weather Se...
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Water intrusion: identifying the source and mitigating the risks

Each year thousands of property owners and managers file insurance claims for mold infestation, structural and interior damage or rot, and various other damages all of which stem from an initial source of water intrusion.  In a perfect world all building envelopes would be water tight and structura...
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When providing finance for the sale of equipment, the mortgagee should confirm that his interest is correctly defined in the Insurance Policy

Recently, in a local newspaper, there was a story about a convenience store owner who suffered a fire that nearly destroyed the entire store. Prior to the loss, the store owner was lucky enough to convince a bank to lend him some money for operating capital. After conducting an investigation and bei...
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Measuring the Period of Restoration in Business Interruption Claims Following Superstorm Sandy

Superstorm Sandy made landfall in New Jersey on October 29, 2012 causing severe property damage along the eastern seaboard.  Forecasting companies put sophisticated catastrophe risk computer models to work estimating insurance claims.  One firm, Equecat, estimated that Sandy’s impact could reach...
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Vacant properties, evolving risks and available coverage

A slow economy or sudden downturn in the markets can leave many commercial property owners and managers with the prospect of maintaining vacant buildings.  Whether it’s a reduction in work force or tenants/businesses having to move to more affordable housing/retail space, many commercial property...
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Wildfire risks and insurance coverage

Wildfire risk is dependent mainly on geographical location. Weather patterns, human activities, and availability of combustible fuel all factor into the equation when determining wildfire risk. A close proximity to wilderness areas prone to such events increases the risk of wildfire damage to one...
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