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FAIR releases interactive business interruption insurance explainer

Explore information about what business interruption insurance covers, how surplus helps pay for covered perils such as hurricanes and wildfires, how insurers have stepped up to help policyholders during the COVID-19 crisis, and the need for a federal solution to financially support businesses impacted by the pandemic.

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Disasters + Preparedness Wildfires: insurance and recovery resources

To assist in the recovery process after a wildfire, the Triple-I has compiled useful information around post-disaster safety, insurance coverage questions, and detailed guidance on how to file a claim. In addition, resources specific to those in California and Colorado affected by wildfires are also included. Wildfire protection for businesses | 3 key steps to simplify filing claims

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Insight + Analysis

2020 Consumer Poll: US motorists get insurance relief; homeowners lack understanding on coverage

The 2020 poll, conducted during pandemic lockdowns, found that many auto insurers offered consumers a wide variety of benefits to consumers — premium credits, partial refunds, forgiveness of late payment and more. Homeowners have made strides in disaster prep, but lack understanding on coverage.

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I.I.I. Glossary

BUSINESS INCOME AND EXTRA EXPENSE INSURANCE (also known as BUSINESS INTERRUPTION INSURANCE)- Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. It also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks.

EARLY WARNING SYSTEM- A system of measuring insurers’ financial stability set up by insurance industry regulators. An example is the Insurance Regulatory Information System (IRIS), which uses financial ratios to identify insurers in need of regulatory attention.

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Thought Leadership

I.I.I. News Wire

Insurance Innovators to Take Center Stage at Virtual Showcase on Oct. 22

For immediate release New York Press Office: (917) 923-8245; media@iii.org   NEW YORK, Oct. Read More

Financial Empowerment Is Key to Escaping an Abusive Relationship

For immediate release Loretta Worters: (212) 346-5575; media@iii.org   NEW YORK, Oct. 20, 2020 – Securing access to essential financial resources can make all the difference to domestic violence victims when deciding to leave an abusive relationship, according to the Insuran… Read More

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Events Calendar

PRMA Summit
October
29
2020
Virtual edition: Website
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