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Article: Telecom Risks facing coverage hang-ups: Value of business interruption cover debated; Risk managers seeking alternatives to respond more quickly, pay upfront.
- Article from:
- Business Insurance
- Article date:
- June 4, 2007
- Author:
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: RICHARD MILLER
Telecommunication companies are questioning the value of business interruption cover, given the complexities in settling claims and backup systems to aid business continuity, experts say.
In response, there is a move by risk managers-in some cases, led by their brokers-to see if there is something better out there. And, in fact, several realistic alternatives are either under development or are already on the market.
Business interruption losses are a real risk for telecom companies, with some of the big losses arising from hurricanes, floods, earthquakes and terrorism. Last December, a strong earthquake off the coast of ...