Exclusions, 'time deductibles' to spare insurers from big blackout claims.After the 1977 blackout A complete loss of power. See brownout. that darkened dark·en v. dark·ened, dark·en·ing, dark·ens v.tr. 1. a. To make dark or darker. b. To give a darker hue to. 2. To fill with sadness; make gloomy. 3. New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. for two days, business saw about $2 million in insured losses. But the fires, theft and looting that broke out afterward af·ter·ward also af·ter·wards adv. At a later time; subsequently. Adv. 1. afterward - happening at a time subsequent to a reference time; "he apologized subsequently"; "he's going to the store but he'll be back here cost nearly 15 times that much in insured damages. Insurers aren't yet expecting any significant losses from the August blackout. The reason for the modest losses, several insurers said, is that most commercial policies specifically exempt blackouts, and the policies that do cover blackouts typically have a "time deductible" of 24 hours or more. In the case of the most recent blackout, most power was restored to New York City, the most populous pop·u·lous adj. Containing many people or inhabitants; having a large population. [Middle English, from Latin popul area affected, before a full day elapsed e·lapse intr.v. e·lapsed, e·laps·ing, e·laps·es To slip by; pass: Weeks elapsed before we could start renovating. n. . Julie A. Rochman, vice president of the American Insurance Association, said the majority of commercial claims would likely involve workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , for occurrences such as injuries from evacuating buildings, and liability claims, probably for injuries from the stopping and evacuation of trains and subways. Business-interruption claims vary, she said, and while restaurants may have coverage for refrigerators and freezers, not all restaurants are covered for that type of loss. However, Los Angeles-based attorney David Steuber of Howry Simon Arnold & White said a close examination of most commercial policies reveals a host of broad-based standard coverages that can often "trump" requirements that a business-interruption claimant CLAIMANT. In the courts of admiralty, when the suit is in rem, the cause is entitled in the Dame of the libellant against the thing libelled, as A B v. Ten cases of calico and it preserves that title through the whole progress of the suit. needs to show evidence of physical damage or a minimum length of interruption. Top Commercial Writers In Blackout States According to 2002 A.M. Best Co. market share data, the top writers of commercial insurance in the states most affected by the blackout are: New York Market Share Chubb Group 10.85% Travelers 9.03% Hartford 5.66% Zurich/Farmers 5.35% Greater New York 3.65% Ohio Market Share Cincinnati Insurance Cos. 14.66% Westfield Group 6.54% Erie Insurance Group 5.27% Chubb 5.15% Liberty Mutual 5.14% Michigan Market Share Auto-Owners Insurance Group 9.59% Allmerica 7.38% Chubb 6.19% Hartford 5.68% Zurich/Farmers 5.55% |
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