Author Archives: Emily Holbrook

About Emily Holbrook

Emily Holbrook is a former editor of the Risk Management Monitor and Risk Management magazine. You can read more of her writing at EmilyHolbrook.com.
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More Space Risk – Two Asteroids Streak Past Earth

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Two weeks ago, I wrote a blog post about the risk of space debris in our earth’s atmosphere. Well, according to NASA’s scientists, two asteroids are going to streak by today, within the moon’s distance of Earth.

One, which actually already passed by at 5:50 am EST, was estimated to be between 32 and 65 feet in diameter and came as close as 154,000 miles out.

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The other, which will pass by at approximately 4:40 pm EST is only about 2/3 the size of the first asteroid and expected to come slightly closer.

As the Economist states:

Don’t start looking to hitch a ride on that alien spaceship just yet, though. Neither has a chance of hitting the planet.

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True, the lunar orbit, with an average radius of 384,403 kilometers, is puny in cosmic terms, but similar near-misses aren’t all that uncommon. A 10-metre sized rock is expected to pass within lunar distance every day, on average.

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And once a decade, one is likely actually to strike Earth’s atmosphere, though most of these would burn up on entry to the extent that they pose little or no threat. This would probably have been the fate of the 6 metre 2004 FU162 spotted on March 31st, 2004, just hours before the meteoroid whizzed by a mere 6,500 kilometres from Earth, setting a new record for the closest observed near miss.

As we see, there are many risks that are far beyond our current realm. We monitor them all.

asteroids

Insured Body Parts: From Chest Hair to Teeth

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If a company is making money by using your (insert body part here) in their advertising campaigns, chances are, they want to protect that lucrative asset. And if you rely on a certain body part just to maintain your full-time (and probably very well paying) job, it may be wise to consider a policy as well.

That’s where the world’s most unusual insurance policies come into play. Take Troy Polamalu for example. The Pittsburgh Steelers strong safety hasn’t cut his mane in a decade out of devotion to his Samoan ancestors. His flocks landed him an endorsement deal with Head & Shoulders and as a risk management measure, the company, just this week, took out a $1 million policy on his hair. But that’s not the only oddly insured part of the body that has caught the attention of the media.

David Beckham

David Beckham, the hunky English soccer star, wanted to protect that which he uses to make millions as a footballer. With that in mind, he took out a $195 million deal to protect not only his legs, feet and toes, but also his face in the event of disfigurement (since he uses his good looks to score endorsement deals).

Jeff Beck

Jeff Beck, an iconic English rock guitarist, was ranked 14th in Rolling Stone Magazine‘s list of the “100 Greatest Guitarists of all Time.” To protect his famed fingers, Beck took out an insurance policy of $1 million — per finger. Apparently, he came to realize he needed protection after slicing off the tip of his index finger while slicing carrots. Maybe he’ll hire a chef as an additional risk management measure.

Bruce Springsteen

Bruce Springsteen has a million dollar voice — literally. The New Jersey-bred crooner insured his voice with the Lloyd’s of London for $6 million. Keep on rockin’ Bruce.

To see the entire list of the “Top 10 Oddly Insured Body Parts,” published by Time, click here.

National Preparedness Month Q&A

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areyouprepared
The seventh annual National Preparedness Month (NPM) begins today. Launched by FEMA, the month-long awareness program is designed to encourage Americans to prepare for emergencies in their homes, businesses and communities. With that in mind, I took the liberty of contacting Brian Smith with American Express OPEN. He is an expert on commercial risk management and the InsuranceEdge advisor for the company. With a focus on business insurance, I presented him with a few questions. (If you should have any feedback on this Q&A, please feel free to leave a comment.)

What’s the best type of insurance to cover businesses against disasters?

Brian Smith: There are two areas of coverage that must be considered when facing the decision to purchase business insurance: property and business interruption. Property insurance will protect against damage to the physical condition of the business along with the items that sustain operations, such as equipment and fixtures. Property insurance is a mainstay in commercial programs, oftentimes required and rarely overlooked. Business interruption insurance, however, is often undervalued; it is the most critical program needed to sustain operations during a disaster. There are seven points a business owner should consider if questioning the need for business interruption coverage:

  1. It allows the owner to recoup lost sales and income of the business;
  2. While the business is down due to the disaster, it will allow the operations to continue during rebuilding;
  3. Income and profits are protected;
  4. By staying afloat, the business will be able to retain key clients and contracts;
  5. Business interruption insurance allows for the employer to keep ALL employees;
  6. As mentioned, property insurance and business interruption claims are often LARGER than the property loss;
  7. And finally, the business will likely receive a more rapid and equitable loss settlement on the property claim.

Do different types of companies require different types of insurance and does the business’ location matter in such a decision?

BS: Each company will have its own unique risks associated with it. These must be evaluated by a commercial insurance professional to determine the right coverage for the identified exposures. Taking into consideration the location of a business, however, is one of the key factors. Distance from the coast is one factor, due to exposure to natural disasters such as hurricane and flood. In this case, flood is highly recommended and may be required based on banking terms or contractual needs. An additional type of coverage within the business interruption arena is contingent business interruption. This type of insurance protects the business against a loss due to a dependency on one buyer, supplier, manufacturer or leader property such as in a mall or shopping plaza.

Is now a good time to reassess commercial insurance coverage? If so, why?

BS: The answer here is a resounding YES! Commercial insurance rates are very low at this point. The insurance industry is facing its sixth year of a “soft market,” where insurance companies have lowered rates to unprecedented levels. Insurance program development during this time is highly recommended due to opportunities involving greater coverage, competitive rates and new client demands on both the insurance companies and insurance agencies. Engaging a commercial insurance professional is the best way to see where improvements can and should be made based on operation, location and physical hazards.

Is National Preparedness Month a tool to encourage businesses to analyze their stage of disaster preparedness? How?

BS: I believe it is. The U.S. Department of Homeland Security is shepherding this program at the state and national level. Accompanied by several commercial and personal insurance providers/groups, this national marketing campaign can bring a level of awareness needed for home and business exposures. Coinciding the hurricane season, any awareness program that brings to light what needs to be considered in the event of disaster is always welcome.

What else should businesses know about the importance of being covered from disaster?

BS: Business owners should be aware of the possibility that current insurance programs may be under-estimated or inadequate. A comprehensive review of key items identifying areas of exposure should be considered on an annual basis. Review of current insurance policies is necessary to ensure coverage levels are accurate as well as appropriate. New or changing business operations can have a substantial impact on the monetary needs of a company should it be impacted by a natural disaster. Insuring these exposures properly can only be done if each is understood by the owner and insurance agent and steps are taken to include these values on the current or renewing program.

Hurricane Earl Projected to Possibly Strike Northeast

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There is a fictional book titled Landstrike that details the scenario of a disastrous hurricane striking the New York City area. From the book’s website:

Someday, a major hurricane will strike New York City. Government forecasters concede they’ll be unable to give the City much notice, while the City’s emergency planners admit evacuation is impossible. It’s a recipe for disaster on a scale to dwarf Hurricane Katrina’s devastation of New Orleans, potentially leading to the largest natural catastrophe in American history.

As we all know, NYC is very much unprepared for the type of storm that frequents the warmer waters of the Gulf of Mexico.

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Some may recall the story of the Great Hurricane of 1938 that struck eastern Long Island and New England, killing more than 700 people, destroying more than 50,000 buildings and knocking down more than a quarter billion trees.

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If a serious hurricane were to strike the NYC area today, it would undoubtedly be one of the most costly natural disasters in U.S. history. As the Insurance Information Institute states, New York has the highest total exposure to a storm.

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Not to be a fear monger, but now let us look at the projected path of Hurricane Earl, courtesy of the National Hurricane Center (NHC). I understand that this is a projection through Saturday, which, when talking about the path of storms, is long-term and certainly not definitive.

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Still, the image is frightening (note how close to NYC the storm is projected Friday afternoon/evening):

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Moments ago, Hurricane Earl reached category 3 status with winds near 120 mph, according to the NHC. We will keep an eye on updates from the center.

This is a good time for businesses to review their business continuity and disaster preparedness plans. There is no such thing as being too prepared.