Contingent Business Interruption Issues Continue Following Disasters in Japan
The recent earthquake and tsunami that struck Japan, caused loss of life and property damage of untold proportions. It will take years if not decades for this nation to recover from the catastrophic losses suffered by its people and the land.
Japan is an integral part of the global economy and the entire world will continue to be adversely affected by the economic impact of this disaster. Businesses worldwide are now beginning to assess their own economic and financial issues and are developing strategies to facilitate a recovery. Insurance will play a major role in the discussion and development of a viable recovery strategy for many businesses affected both directly and indirectly by this natural disaster.
The purpose of this article is to focus on the coverage issue that may be the most relevant to many United States businesses. That issue is contingent business interruption, also known as dependent properties coverage.