Business Interruption

Protect the profit and loss statement of your company

The main purpose for most businesses is to create a positive net result. This will enable the business not only to survive in the long run but also to grow and develop.

The property insurance covers the interest of the property itself. The business interruption insurance will protect the net result of the insured by compensating the financial loss after a loss. A bit simplified you can say that the property insurance protects the balance sheet and the business interruption insurance protects the profit and loss statement.

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    Understanding external dependencies

    Dependencies on suppliers and partners, or any other parties outside the company can be impacted by perils such as fire, machinery breakdown or natural hazards, which can have an impact leading to serious business interruption, losses and increased costs.

    Read about business continuity management
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    Consequences of aging infrastructure

    The discussion on deteriorating infrastructure has been heating up after shocking accidents like the Ponte Morandi bridge collapse on A10 motorway in Genoa, Italy last year. Continuous monitoring and maintenance of infrastructure is critical to minimise risks and prevent losses.

    Read about consequences of aging infrastructure
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    Protecting your industrial control systems from cyber-attacs

    It is important to understand that hacking of Industrial Control Systems (ICS) may cause injuries, loss of life, material damage or business interruption. A Denial of Service (DoS) attack or a ransomware spreading across your organization can make production systems unavailable or misbehave.

    Learn how to protect industrial control systems
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    Hydraulic oil fires - what to look for?

    The most simple and reliable way to prevent a hydraulic oil fire is to replace mineral oil with non-combustible fluid. Using electric or pneumatic drives instead of hydraulic drives will also prevent hydraulic oil fires. 

    Read what you should know about hydraulic oil fires
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    Solar panel fires

    Recently, media outlets from Japan to Norway have raised questions around fire safety and solar panels. Even when fires occur for reasons unrelated to solar panels, these modules can in fact play a role in both the intensity and speed of a spreading blaze.

    Read more about preventing solar panel fires

Close collaboration decisive after major fire

How do you rebuild a business when the unthinkable happens? The forestry group Holmen and If had to display both strong collaborative skills and ingenuity when a fire had ravaged one of the group's paper mills.

What would prove to be one of If's biggest ever claims in recent years began on a perfectly normal Friday afternoon in November 2015. Just after 6 pm the emergency services received the alarm – a fire had started in the Hallsta paper mill to the north of Norrtälje. It spread quickly, and although the emergency services managed to put out the fire in one and a half hours, the damage was extensive. Read the whole article

Photo: Holmen/Lasse Hejdenberg

Dependencies and Business Interruption

Business Interruption Insurance is always triggered by indemnifiable property damage, though there are some exceptions when certain extensions are incorporated into the insurance policy wording (e.g. the business is affected by a damage that occurs outside of the premises of the Insured). Therefore you have to take a wider perspective when you look at your Business Interruption cover and take into consideration the dependencies of your own business. Read the whole article

Global trade disrupted by cyber attacks

As an insurer we are well aware of so-called "Black Swan" events, i.e. events that are deemed so unlikely that they are not really taken seriously when calculating risks. For many years this has been the case with cyber risks. Imperceptible. Unlikely. Intangible.

In June last year, global shipping giant Maersk Line, which handles one in seven containers shipped globally, was hit by a ransomware attack.

Read the whole article