How to Prepare for Possible PG&E Power Outages

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PG&E has warned California residents and businesses that it may shut down the power grid for as long as five days for large portions of the state when there are high-wind conditions during the dry fire season. That’s because PG&E’s infrastructure was found to be the cause of several recent California wildfires. PG&E has sent letters to residents and business in the Central Valley, Bay Area, Sacramento area, Foothills, Northern counties and beyond informing them that “if extreme fire danger conditions threaten a portion of the electric system serving your community, it will be necessary for us to turn off…
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The Hidden Construction Industry Threat: Cyber Risk

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Running a construction firm, you are certainly aware of the number of risks that you face every day from worker safety and protecting the worksite to contractual obligations. But, as your back office relies more on technology to keep your business going, there is an emerging risk for the construction industry that you need to stay on top of: the cyber intrusion threat. New machinery increasingly is computerized and wired, and most design, engineering and construction firms are using some form of cloud computing. As you know, by using multi-user platforms, contractors, designers and project owners can use and share…
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Does Business Interruption Insurance Cover Partial Shutdown?

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What happens if your business suffers property damage or a supply chain disruption and is forced to stop operations either fully or partially? Will your insurance cover the work stoppage or slowdown? It is important to understand how your insurance can protect you from the resulting financial loss. In addition to potential recovery for property damage from your property/casualty policy, you may be able to recover lost revenue from your business interruption coverage. If your operations are disrupted – completely or partially – the language of your policy will determine if, and for how long, your insurance company will cover…
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Business Interruption Claims Grow in Number and Cost

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As the world becomes more interconnected and natural disasters increase in frequency, more firms are dealing with costlier and costlier business interruption losses. Business interruptions were the top risk to organizations cited by risk managers surveyed in the report, “Global Claims Review 2015: Business Interruption In Focus,” from Allianz Global Corporate & Specialty. The study looked at more than 1,800 business interruption claims and found that they resulted in average losses that were greater than the actual property damage. The report, which looked at claims trends between 2010 and 2014, found that the average cost for a business interruption insurance…
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