Nearly three months after the tragic 9.0-magnitude earthquake and tsunami in Japan, the full economic impact of this disaster remains unknown. Thousands of people have been confirmed dead, injured or missing, and millions more have been affected by lack of housing, electricity, water and transportation. The most recent estimates available suggest that the disaster caused at least $35-55 billion in insured losses, and given the important role that Japanese industry plays in today’s globalized world economy with respect to the manufacturing of critical components, the disaster continues to have ripple effects in the form of plant closures, supply chain disruptions, and lost revenue streams halfway around the world.
Even if your business is located thousands of miles from the disaster zone in Japan and did not suffer any property damage from the earthquake or tsunami, your commercial insurance policies may be a valuable asset to recover loss of business income stemming from the disaster. This Client Alert briefly summarizes the types of insurance coverage that may be available to your company under its existing property damage and business interruption policies, common policy exclusions insurers may attempt to rely upon to limit their coverage obligations, and strategies your business should pursue now to maximize its recovery and prepare for future natural disasters.
Please see full Alert below for further information.
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