Property & Casualty Division – Insurance Solutions


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Boston Marathon Bombings: The Take-Away
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TIPS: Three Keys to Successful Crisis Management                             

Business owners in the Boston area who were not located in the immediate area where the explosions occurred, and therefore not immediately impacted by the blasts, probably initially didn’t give a second thought to how adversely they would be affected by this tragic event. Caught up in the shock and grief everyone was feeling, the last thing on their minds was probably, “how might this affect my business?” They soon found out when the massive manhunt by law enforcement closed down large sections of surrounding neighborhoods. It is estimated that the tragedy inflicted as much as $333 million in damage to the local economy. Tragedies can strike at any time, anywhere, and usually without much warning. Click the link below to learn the keys to successful crisis management.
 
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TOOLS: Template for Business Contingency Plan
 
Most of the businesses affected directly, or indirectly, by the Boston Marathon bombings were probably caught off-guard. Who, in their wildest dreams, could have thought something like this could happen at an event with a long-standing tradition of personal challenge and celebration. Likewise, who would have thought that suddenly and without warning a fertilizer plant in Texas would one minute be operating normally, and the next, blown to smithereens! It is human nature to feel that “this will never happen to me or my business” – but history proves otherwise. Just ask those in Boston and Texas. The businesses that fare the best are ones that realize the potential for disaster – and have a plan in place for how to react. To get started, we have provided a template for a Business Contingency Plan for you to use to build your own custom plan.

CLICK HERE to download your copy of the template.

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TRENDING: From Managing Event Risk Going Forward to Defining What Does, or Does Not, Define an Act of “Terrorism” 
 
The bombings that occurred at the Boston Marathon finish line tragically ended the lives of several people, adversely impacted the lives of many more, and have far reaching implications for many businesses and industries – most notably the insurance industry. This atrocity has created a new degree of risk into activities not considered threatened before. By doing so, it requires a response from the insurance industry to help manage that risk. Also at issue, there are a number of matters involved in determining whether the Boston bombings tragedy would be considered a terrorist act for insurance purposes such as determining the applicability of terrorism exclusions and terrorism coverage. Click below to read two articles that address new trends in event coverage resulting from this tragedy.
IMPLICATIONS FOR INSURANCE

DEFINING TERRORISM