Procor Solutions Is Now Imperium Consulting Group, LLC.
The team from Procor Solutions has joined Imperium Consulting Group, LLC. Procor is a national leader in risk management, disaster recovery, property and business interruption claims quantification, and data analytics. Read More >
Business Interruption 101
Business Interruption (BI) claims can be complicated and are often misunderstood. In general, the purpose of Business Interruption coverage is to put the business in the same financial position it would have been in “but for” the event of a loss. Simply put, this coverage will help to replace the cash flow that would have been generated in order to cover the operating expenses of the business and pay out the net profit if the business is profitable.
It is a common misconception that Business Interruption insurance covers a business’ lost revenues. This is rarely the case. The expenses of the business need to also be considered. Variable (non-continuing) expenses such as costs of goods sold and utilities are not going to be reimbursed by insurance due to the fact that these expenses are not incurred during a loss. Fixed (continuing) expenses such as rent and insurance will be reimbursed by insurance. Read more >
4 Steps To Managing Supply Chain Contingent Business Interruption Loss
In today’s economy, businesses supply chains are more integrated and complex than ever before. The global nature of many supply chains makes them more vulnerable to economic, political, legal, and regulatory issues. As a result, today organizations have higher exposure to myriad adverse risks outside of their operations and control. Read More >
Cyber Loss Extra Expenses - Potential Insurance Claim
Quality documentation and forensic analysis is the cornerstone to effectuate a positive result on a cyber claim. Most cyber risk policies include coverage for business interruption or loss of income and extra expenses associated with a breach, which typically can make-up some of the more significant costs. Read More >