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Article: Business interruption, part II: best practices for claims preparation. (Crisis Management Series).(after September 11, 2001, terrorist attacks)
- Article from:
- Risk Management
- Article date:
- March 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Risk Management Society Publishing, 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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The September 11 terrorist attacks created what is perhaps the largest business interruption event in history, as measured in the number of claims, the magnitude of damage and the complexity of adjusted losses. Of the tens of thousands of businesses that were disrupted by the catastrophe, many will be filing business interruption (BI) claims for the first time.
The risk managers of these first-time businesses are learning that BI loss adjustment is an elaborate process of meeting the conflicting goals of policyholders and insurance companies. The policyholders' objective is to maximize recovery; the underwriters' goal is to minimize claims payments and maintain ...