When history puts a halt to your business -

When History puts a Halt to Your Project – Business Interruption Insurance Options

The crew is digging, the last phase of your $600 million complex is ready to go, and project managers have Gantt charts timed from the moment the first shovel hits the ground to the day when the first moving truck pulls up to the curb.

And then your crew finds a Tequesta village that dates back to 500 – 600 B.C.

This was how work was halted for the developers of a project in downtown Miami in February of 2014 – read all about it in the Miami Herald. The village is well-preserved and coveted by archeologists who see an opportunity to study a culture that thrived for 2,000 years. Developers have offered to preserve a large piece of the village and put it on display. As they wait for an answer, the project is halted.

What could halt your business?

There are many outside factors that could have a negative impact on your operations and cause business interruption issues for you.  Wildlife conservancies and historical preservation foundations can file an injunction against new construction, litigation can sometimes keep key professionals like lawyers, medical professionals and real estate professionals from working while their case is under review. Unforeseen environmental regulations can halt plant production for weeks – or longer. This is why business interruption insurance was created.

The business losses may be covered by your insurance policy – but what is the cap, and what is the deductible? When you’re in the thick of battling against City Hall, it’s too late to adjust your policy.

Create a plan

Before ancient people appear from underground and halt your project, make a plan. Work with your insurer to get the right coverage in place, or develop a captive to make sure you’re covered for these eventualities. If you would like some help in finding out of a captive is the right solution for you, please contact us.