Although business interruption insurance products are not new, corporations increased emphasis on business continuity and disaster planning have brought business interruption coverage matters to the forefront. Issues relating to valuation of loss, number of occurrences and proximity to damage arise not only in the context of coverage for catastrophic losses (such as more than $50 million Superstorm Sandy claim for certain New York, New Jersey and Pennsylvania supermarkets, a $2 million Superstorm Sandy claim involving a Pennsylvania-based clothing retailer, the $3.5 billion World Trade Center coverage dispute and the unprecedented losses caused by Hurricanes Katrina, Irene, Lee, Maria and Harvey), but with respect to the coverage for less extraordinary events, such as extreme weather events, floods, wildfires and computer virus attacks.
The Insurance Recovery Team has represented clients on a variety of issues involving business interruption insurance. For example, we have successfully handled a high-profile international case involving a major bottling company, resolved a number of matters relating to the terrorist attacks on the World Trade Center, and counseled Fortune 500 companies regarding maximizing their coverage following the recent and devastating hurricane season.
In addition to advising clients about business interruption coverage, the Team regularly lectures and publishes in this area.