Category Archives: Crisis Management

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Converting a Conference to 100% Virtual in One Week

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Conference organizers have been among the hardest hit by COVID-19. When your entire business is predicated on bringing people together, pivoting is not easy.

On March 12, 2020, the InsurTech NY team saw a dark future ahead. Officials had confirmed 500 people in the United States tested positive for the coronavirus, President Donald Trump had just announced restrictions on flights to and from Europe, and we were one week away from hosting the 2020 InsurTech NY Spring Conference, our annual New York City-based in-person event. We had planned to host seven panels, 20 startup competition pitches, and four TED-style talks, totaling more than 60 speakers. As part of the competition, more than 20 judges had to vote on winners in near real-time. We also promised to provide networking opportunities with one-on-one meetings for all attendees.

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For the health and safety of our guests we knew we could not continue this event in-person. Fortunately, we had experience running webinars and virtual communities and activated a preparedness plan that we created when coronavirus was still mainly in China.

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However, we knew pivoting to an all-virtual event would be a monumental challenge.

Immediately we went into action. Within 12 hours, we called every speaker and sponsor about the new format. All speakers stuck with us. We went on to draft communication to notify all attendees. We also created a full web page detailing our experience. For others who may need to shift their in-person events to virtual ones, here’s a brief roadmap with key steps that we took and may help you too:

Convert existing staff to new virtual roles. Current staff and volunteers need to be immediately converted and trained on new virtual roles. To be effective, you need people dedicated to wearing new hats and carrying out last-minute responsibilities. This may include working during after hours and weekends. Some of these roles were already defined, but others needed to be redefined. They include:

  • Speaker liaisons: Assign at least two people to ensure speakers join their sessions on time and their A/V works.
  • Stage manager: This person keeps track of time and communicates verbally to speakers to cue them.
  • Presentation controller: A dedicated person to share and run the slides for presentations.
  • Master of ceremonies (MC): A dedicated host to introduce speakers and lead transitions.
  • Help desk: At least two people with technical expertise to respond to any tech or access issues.

Over-communicate to everyone. Send “how-to” information constantly, specifically about accessing the conference itself. If possible, use multiple channels, including text and social. Even then, you may have some people who have difficulty accessing the sessions.

Organize dry runs of the entire event with your staff. This process will help you identify issues you may not have considered. Fix the issues and do another dry run. We only had time for one dry run, but could have benefitted substantially from a second.

Revamp the event to make it more entertaining.

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Attendees have other options during a virtual conference, so it is particularly essential to keep them engaged and entertained throughout the day. Some tips include:

  • Run polls and questions between sessions
  • Keep each session short and sweet
  • Create content during the breaks so they don’t “turn the dial.” We hired a professional comedian, but you can be creative on how to fill the time.

In retrospect, the event was successful for four reasons: (1) intense planning and preparation during the seven-day transition, (2) support from our speakers and sponsors to stay with us in the transition, (3) effective communication internally and externally to all stakeholders, and (4) a great team and set of volunteers that worked tirelessly to make it happen. A full guide is available with more details about how to make the transition at InsurTech NY.

Managing Coronavirus Business Interruptions

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The novel coronavirus 2019-nCoV, now called COVID-19, has continued to spread through China and beyond, with more than 1,800 deaths reported as of this writing. The virus’s spread has also had major impacts on business operations around the world, slowing or shuttering international companies’ operations in China and prompting travel restrictions and evacuations.

Businesses around the world are taking travel precautions and creating or updating existing response plans to address these risks. Dr. Adrian Hyzler, chief medical officer of healthcare, assistance and risk management company Healix, told the RIMScast podcast that “Companies have to think on their feet and have crisis meetings, twice, sometimes three times a week just to try and keep up with the changes in government regulations and what they have to do to try and manage the situation.”

But companies may not be able to manage all of the issues resulting from COVID-19-related business interruptions, and some may even fail to fulfill their contractual obligations because of supply chain complications, risking severe penalties. If this occurs, companies throughout the supply chain have options for protecting themselves or recovering from lost business.

If contracts allow, companies may attempt to invoke force majeur clauses, which, according to international law firm Reed Smith, “excuse a party’s performance of a contract if an unforeseen event beyond its control prevents performance.” To prepare for these complications, Reed Smith recommends that companies:

  • review their contracts to determine what, if any, rights and remedies they have as a result of the delayed performance of contracts due to force majeure; 
  • provide timely notice of a force majeure event; 
  • prepare for potential litigation concerning failure-to-supply issues and the application of force majeure clauses, including by taking (and documenting) reasonable steps to mitigate the impact of the novel coronavirus; 
  • update form force majeure clauses to take into account, to the extent possible, modern risks to contractual performance, including diseases, epidemics or quarantines.

Reed Smith also noted that if a company intends use a force majeur clause to avoid financial penalties for business interruptions as a result of COVID-19, they should “take (and document) reasonable steps to mitigate the impact of the novel coronavirus. While these steps may prove futile, they are essential predicates to mounting a valid force majeure defense.”

There may also be insurance options for covering COVID-19-related losses. When speaking with the RIMScast podcast, Reed Smith’s Richard P. Lewis said that depending on a company’s exposures, some options for covering losses include contingent business interruption coverage, event cancellation policy, supply chain insurance or travel insurance. But, Lewis said, “The first big category would be first party insurance. That would be property insurance and more specifically a first party or property insurance policies providing ‘time element coverage’ that is impacted by time, usually known as business income or business interruption insurance.”

Lewis also said while property (like a factory that is shut down after the outbreak) may not have suffered actual physical damage, there could be legal precedent for claiming physical loss or damage “if the building can’t be used for its intended purpose.” Anderson Kill P.C.’s Finley T. Harckham also noted that in case law, people becoming sick on a property will not count as property damage, but contaminants at a property (including pathogens like COVID-19) could qualify.

U.S. companies, Lewis said, will be dealing with “contingent exposures, meaning the property affected is their customers’ or suppliers’ and not their own property.” However, if those companies have their own property, coverage is likely dependent on whether it was “closed by the order of a civil authority because of the actual presence of a virus and not the suspected presence of a virus.” Harckham noted that these restrictions would likely trigger civil authority coverage, which many insurance policies contain.

However companies attempt to cover their losses, Lewis recommended “Just make sure that if if this thing goes to court that you’re able to prove your losses. And that means to document them and to have witnesses who are able to explain what it is you lost and be able to testify at trial with that if it comes to that.”

To hear the full conversations with Hyzler and Lewis, listen to the RIMScast episode “What Risk Professionals Should Know About the Coronoavirus” here.

3 Key Risk Management Responses to the Coronavirus

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The novel coronavirus 2019-nCoV continues to spread throughout China and other countries, seriously impacting business operations around the world. As governments and companies act to protect their citizens, operations and employees at home and abroad, these actions threaten to produce business interruptions, travel risks and other effects that could be detrimental to business continuity.

On January 30, the World Health Organization (WHO) declared the virus a global emergency, meaning that it is a threat beyond China, after more cases have appeared in other countries around the world.

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According to the New York Times, the WHO has only made such a declaration five times since 2005. The virus has killed more than 400 people (including 2 outside mainland China) and has infected more than 20,000 in more than 25 countries.

In addition to the cancellation of major public events in China (including celebrations of Chinese New Year), many international businesses have curtailed their operations there since the outbreak. According to Bloomberg, this includes Starbucks (which closed more than half of its shops), Toyota (which stopped production), McDonald’s and KFC (which both closed restaurants), and Disney (which closed its resort in Shanghai), among others.

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Some international companies have instructed their employees to work from home to limit exposure as the virus spreads, and Amazon, Microsoft and other tech companies also limited employee travel to and from China.

China has maintained mass quarantines of areas with high number of infections, including Wuhan, the origin of the outbreak, and some other countries are also taking extraordinary steps to limit the virus’s spread. Last week, Russia sealed its entire border with China and cancelled all trains between the countries except for a single train line between Moscow and Beijing. Japan is currently quarantining more than 3,000 people on a ship after a passenger tested positive after departing the ship, while the United Kingdom has advised its citizens to leave China. And the United States issued a proclamation suspending entry for non-citizens who spent 14 or more days in China before attempting to enter the United States.

The Center for Disease Control (CDC) stated that the risk for people in the United States is “considered low at this time,” with elevated risk for individuals who may have increased exposure—such as healthcare workers and others in close contact with patients with the virus. However, companies should still act to protect their operations and employees, especially if operations require international travel and if supply chains depend on Chinese business continuity. Here are three approaches to limit risk from the coronavirus:

1. Take Travel Precautions

The CDC has recommended avoiding all non-essential travel to China, and the U.S. State Department has asked people not to travel to China. If travel is essential, the CDC suggests avoiding contact with sick people, any animals, animal markets or products made from animals. If traveling employees are older, they should take extra precautions, since, “older adults and people with underlying health conditions may be at increased risk.”

2. Develop a Response Plan

Medical and travel security services firm International SOS also recommended that businesses have regularly-updated and evaluated business continuity plans in place to ensure smooth response to incidents like disease outbreaks. The Institute of Risk Management South Africa (IRMSA) recommended preparing a specifically-focused “Pandemic Preparedness Plan” or updating previously prepared plans to reflect current circumstances to ensure business continuity.

IRMSA also suggested creating a group within the company, chaired by a senior staff member, able to make quick executive decisions for the organization in response to any coronavirus-related impact to the business and prepare decision-making processes for future incidents.

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3. Consult Reputable Information Sources

Relying solely on reputable news sources, like government disease control agencies and reliable media, can help when evaluating and taking courses of action to reduce risk. Conspiracy theories about the coronavirus have spread rapidly, including misinformation about its source, how to protect against or treat infections, and the number of people affected. Misinformation has also resulted in discrimination against Chinese-linked businesses and people of Chinese heritage, as well as East Asian people in general. Disseminating clear, reputable information to all employees, especially those traveling, can reduce risk of infection and impact on business operations.

Travel and Business Interruption Risks Rise as Coronavirus Spreads

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Originating in the Chinese city of Wuhan, a coronavirus known as 2019-nCoV has spread quickly this month, migrating to multiple other countries as international health officials rush to contain its spread and calm fears. But the spread of the virus—and China’s response—is already having major impacts on businesses both within the country and around the world.

A member of the same family as SARS and MERS, the virus presents similar symptoms as flu or pneumonia. So far, the coronavirus outbreak has killed 17 people and has sickened at least 600 people across China alone. This week, a man in Washington State returning from a visit to Wuhan became the first identified case in the United States. He is reportedly in stable condition and in isolation. Other cases have been reported in Hong Kong, Macao, Japan, South Korea, Thailand, Singapore and Vietnam. According to the CDC, during the 2003 SARS outbreak, more than 8,000 people worldwide contracted the virus and more than 750 died.

On Tuesday, the Chinese government upgraded the classification of the virus to a Class B infectious disease, giving the government the power to take more serious steps to limit its spread. These include imposing travel restrictions in and out of Wuhan and several nearby cities, with more restrictions pending, which could effectively impose a quarantine over 25 million people. Wuhan’s railway stations, buses and subway were shut down this week, as were several highways out of the city, and hundreds of flights from the city’s international airport were reportedly cancelled.

Additionally, China has begun banning all large gatherings and cancelling public events in major cities, including Beijing. As the country prepares to celebrate the Lunar New Year—when millions travel home out of major cities and/or attend large public celebrations for the holiday—this will likely cause major disruptions for people and businesses. China’s largest investment bank, CITIC Securities, even told its employees in the Hubei province (of which Wuhan is the capital) not to travel home for the holiday, and if they did, that they would be forced to work remotely for two weeks before they could return to the office. Macao—which has one documented case of the coronavirus thus far—has cancelled a public New Year’s festival, and is considering shutting down its casinos (a huge part of the region’s economy) if more cases are discovered.

When outbreaks like the coronavirus occur, companies can protect their business and employees by reviewing existing policies and looking into additional coverage to fill gaps. As Risk Management previously wrote, even limited disease outbreaks can have major impacts on businesses, especially those in the health care industry or operating overseas. Companies may have particular cause for concern about the risks of business interruption and supply chain issues stemming from quarantines, travel disruptions and major event cancellations. For example, many U.S. pharmaceutical companies have moved their drug and medical supply manufacturing to China, and these operations can be affected by health crises.

As the disease has spread internationally, staff operating in areas with documented cases and traveling employees may also face risk of infection. In addition to the travel restrictions China has instituted in various regions, airports around the world have started instituting special screening for passengers from China, possibly further complicating travel. In fulfilling their duty of care to traveling employees, companies have a number of insurance options including foreign voluntary workers compensation or business travel accidental death and dismemberment coverage, and should take the opportunity to review existing coverage and assess any potential gaps moving forward. Pre-trip preparation and training can also help. Ensuring that employees have the resources and knowledge to find in-country medical care or a concrete evacuation plan prior to traveling can also help protect them in a crisis.