As the economic fallout of the global COVID-19 pandemic increases, state legislatures and regulators are under rising pressure to shift the resulting economic losses onto the insurance industry. One of the major issues that legislatures and regulators focus on in this respect is whether business losses related to the virus might implicate the “business interruption” coverage found in many commercial property policies. A review is provided on the legislative measures many state governments have taken to potentially force the issue.
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No one foresaw the pandemic crisis that is currently testing the value proposition of the family office. The implications will change the way the future is shaped, one that will include a focus on the ability to function as a remote organization. The way forward is emphasizing the need to not just have a plan, but to examine, test, and refresh those plans regularly on a risk management and mitigation level. If you do, you’ll find holes along the way which gives the family office insights as to how to fix them and evolve into a stronger position.
When evaluating and trying to find the right insurance advisor or company, it helps to have a map outlining the RFP process and a checklist of best practices. Learn where to start in your search and avoid getting the wrong results.
Responsible investors often express that they don’t want to buy companies that greenwash; rather, they want the real thing. And they want investment managers who can tell the difference. But businesses are complex organisms, and sustainable business practices are rarely as simple as good versus bad. However, there are pointers that can help steer you in the right direction.
Estate planners and advisors will need to contemplate the political climate in an election year, particularly given certain political opposition to the extensive changes made by the Tax Cuts and Jobs Act of 2017.
In this collection of insights and ideas, learn about the strategies for managing and leading through the COVID-19 crisis. The insights will help you lead through and beyond the crisis, dealing with the immediate issues and looking toward the opportunities for recovery. Topics include leadership, cost optimization, virtual learning, talent management, career transition, sales effectiveness, rewards and benefits, and change management.
It is an unfortunate reality that in trying times some people will attempt to take advantage of situations for personal gain. Be alert to scams including (1) phishing emails that purport to provide help or solutions to the coronavirus/COVID-19 situation, but are actually intended to induce a click that leads to ransomware, (2) price gouging, and (3) fake charities.
In light of COVID-19 and state and local stay-at-home orders, many businesses have greatly increased the number of remote workers. Firsttime remote workers—and some seasoned remote workers—need to be aware of hidden pitfalls in the gadgets and apps they are using while working from home.
By governmental command or voluntary decision, businesses of all kinds have been altering or limiting operations or closing their doors entirely. Often the business decisions are made apart from any thought of the potential insurance implications. In particular, businesses with commercial property insurance policies may not have been considering whether business interruptions coverage would apply. There are steps that businesses can take now to best position themselves to preserve whatever coverage they have.
Relief was offered when the First Coronavirus Response Act (FFCRA) was passed. The Act provided $104 Billion to help fight COVID-19 and protect workers and families from the health and economic impact of the virus. Other relief and guidelines are highlighted in this infographic for employers facing tough decisions under the pandemic environment.