risk management strategies Archives

How New York’s Insurance Law Is Setting a Precedent for the Nation

February 11, 2025February 10, 2025 Nordstrom

New York Introduces Stand-Alone Business Interruption Insurance Law New York has taken a bold step to support businesses in managing unforeseen disruptions with the introduction of a stand-alone business interruption insurance law, effective the later part of 2024. This groundbreaking legislation expands coverage options beyond traditional policies, offering businesses more flexibility and security. What is Stand-Alone Business Interruption Insurance? Stand-alone business interruption insurance is a specialized policy designed to cover financial losses resulting from business closures, even when there is no direct physical damage to the property. Unlike conventional business…

Hurricane Milton – A Category 3 Storm Unmasks Florida’s Insurance Fears

October 10, 2024 H. Cutner

Hurricane Milton: A New Threat to Florida’s Insurance Market Hurricane Milton has emerged as a significant challenge for Florida, impacting both the state’s infrastructure and the property insurance market. Making landfall as a Category 3 storm, it has brought to light vulnerabilities in the region’s insurance sector, already strained from previous storms. This article explores the widespread damage caused by Milton, its influence on Florida’s insurance industry, and comparisons to its predecessor, Hurricane Helene. Florida Reels as Storm Tears Through Power Lines, Homes, and Tropicana Field Milton struck Florida’s Gulf…

Construction projects face more widespread delays and financing risks

June 30, 2011 Marc

The struggle of today’s economy is causing a greater amount of uncertainty with construction projects and their related risks, especially in terms of delays and financial risks as a result of lending organizations. Though issues with lenders have always been a concern and a consideration of brokers, newly implemented conditions complying with government agency and private lender regulations have made borrowing a greater challenge. As a result, many construction projects are now finding it difficult to obtain the financing required to get started, while others have had to halt their…