Not Your Grandpa s Globe: Recognizing and Insuring Supply Chain Interruption. PART TWO: Intangible
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1 Not Your Grandpa s Globe: Recognizing and Insuring Supply Chain Interruption PART TWO: Intangible
2 Not Your Grandpa s Globe: Recognizing and Insuring Supply Chain Interruption Presented By: Kevin C. Amrhein, CIC FISCE and the CE Partnership kamrhein@fisce.com TWO PARTS: Tangible and Intangible Tangible: Intangible: The global nature of supply chain dependency Relevance to small business Contingency planning Insurability Not all damage stems from direct damage Dependence on internet and communication utilities Contingency planning Insurability 1
3 The FIVE Costliest Worldwide Insurance Losses: Direct Property and Business Interruption Adjusted for 2013 dollars. Source: Swiss Re WHEN WHAT HOW MUCH 8/29/05 Hurricane Katrina B 3/11/11 Tohoku Earthquake/Tsunami B 10/24/12 Hurricane Sandy B 8/23/92 Hurricane Andrew B 9/11/01 Terrorist Attack on WTC and Pentagon B The First Major Hurdle: Helping Insured Identify Their Chain How many business are truly Vertically Integrated? Retail to End User Okay, so maybe your entire book of business is made up of you pick em, you eat em, cash only fruit farms. If so, maybe you should sit this one out. Process/Finish Mine/Grow 2
4 The First Major Hurdle: Helping Insured Identify Their Chain, cont. Local Regional National Global Dependent Properties : How Many Links in the Chain? Wet Willie s Shrimp Diner ) Processing/ Packaging Facility Seafood Local Seafood Regional Seafood Shipping/ Logistics Center Cargo Carrier Crazy Joe s Shrimpers Distribution Facility Shipping/ Logistics Center 3
5 Strong as Your Weakest Link YOUR INSURED, New York City Wet Willie s Shrimp Diner Processing/ Packaging Facility Seafood Local Seafood Shipping/ Logistics Center Crazy Joe s Shrimpers RAW MATERIALS, Coastal LA Regional Seafood Cargo Carrier Distribution Facility Shipping/ Logistics Center NEW ORLEANS Strong as Your Weakest Link MAJOR BUYERS in New York City Wet Willie s Shrimp Diner Local Seafood Processing/ Packaging Facility Shipping/ Logistics Center Seafood Crazy Joe s Shrimpers YOUR INSURED, Coastal LA Regional Seafood Cargo Carrier Distribution Facility Shipping/ Logistics Center NEW ORLEANS 4
6 Building Materials Supplier in Tallahassee, FL Hurricane Katrina,2005 (TLH weather: clear skies, 90 degrees) Damage to distribution center in LA Shipping Delayed Supply Shortage Lost Income On the Dock: Where Global Truly Begins According to the World Shipping Council: 7 of the 10 busiest ports in the world are located in China 5 of the 50 busiest ports in the world are located in the Middle East Only 4 of the 50 busiest ports in the world are located in the United States (LA, Long Beach, NY/NJ, Georgia) 5
7 On the Dock: Where Global Truly Begins, cont. According to the DOT, the Port of Boston is the 37 th busiest in the U.S. The top 50 U.S. ports increased tonnage by 1% between During the same time, the Port of Boston saw a 19.8% decrease in tonnage. Why does your insured care about any of this? Image from massport.com The Second Major Hurdle: Direct Damage Trigger Perils, Exclusions, Limitations in standard Business Interruption insurance Tsunami/flooding Earth movement Evacuation Terrorism Geopolitical exposures Transit Power failure Nuclear Disease Cyber attack Drought Decreased Supply Pollution Equipment breakdown 6
8 QUESTION: What cause of loss normally excluded is most likely to cause a supply chain interruption? A) Flood/Tsunami B) Cyber attack C) Earth movement D) Geopolitical exposure (regime change, conflict, etc.) The Third Major Hurdle: Coverage Territory Described premises Standard coverage territory (USA, territories, possessions, Puerto Rico, Canada) Other limitations (e.g. Civil Authority) 7
9 Common Issues with Business Interruption Coverage Time deductible Adequate limits /worksheets Coinsurance Period of restoration Payroll continuation Extra expenses Access to financial information Dependent properties coverage Insuring the Risk Will carriers do just about anything for more money? (HINT: No) Tsunami/flooding Earth movement Evacuation Terrorism Geopolitical exposures Transit Power failure Nuclear Disease Cyber attack Drought Decreased Supply Pollution Equipment breakdown 8
10 Insuring the Risk, continued: The Value of the Global Broker Market access/insurability Licensing Taxation International trade Legal resources Policy review Contingency Planning for Tangible Loss Backup suppliers and cost Reciprocity with competitors Contract Preservation (illustration on next slide) Risk transfer arrangements So what plans does the dependent business have? Potential deal-breaker? How is asking this any different from requesting proof of insurance?! 9
11 Contract Preservation, illustrated: Contractual Obligation To: Wet Willie s Shrimp Diner Processing/ Packaging Facility Seafood YOUR INSURED Local Seafood Shipping/ Logistics Center Crazy Joe s Shrimpers RAW MATERIALS, Coastal LA Regional Seafood Cargo Carrier Distribution Facility Shipping/ Logistics Center NEW ORLEANS Contingency Planning for Tangible Loss, cont. Resources Brokers Carriers Risk Management Consultants Ready.gov Business Continuity Planning Suite 10
12 QUESTION: When was the last time you reviewed a supply chain interruption contingency plan with an insured? A) This week B) Within the last month C) I try, but they re always too busy to talk D) Honestly, and I m being really real here never PART TWO: INTANGIBLE Problem in standard forms: direct damage trigger Internet Provider Software Sales YOUR INSURED Host/Server Programmer 11
13 PART TWO: INTANGIBLE Problem in standard forms: direct damage trigger Internet Provider Software Sales YOUR INSURED CORRUPT DATA HITS HERE Host/Server Programmer PART TWO: INTANGIBLE Problem in standard forms: direct damage trigger Buyer/End User Internet Provider Knits Custom Patterns YOUR INSURED SHUT DOWN Alibaba, Amazon, Etsy, EBay Internet Provider 12
14 Insuring the Risk: What s Actually Available? Endorsements that may or may not help: Utility Services Time Element Electronic Commerce Coverage Territory limitations Cyber Insurance Broadly used, loosely defined term First-party vs. Third-party Contingency Planning for Intangible Loss Backup utility services and providers Risk transfer from you to others Risk transferred from others to you Ever read the user agreement? Translation: It s on you, brother Hardware and software protection Employee training 13
15 What You, the P&C Agent, Bring to the Table Starting the conversation More than a sale Getting your insured to think big will help them grow big (super corny but true) Resource document supplemental (a small start) QUESTION: The biggest challenge I have with my insureds regarding supply chain interruption is: A) They don t understand/appreciate it B) They understand/appreciate it but don t want to put in the effort to plan C) They plan, but don t want to buy any insurance D) They plan and they want to buy insurance but I can t find a good market 14
16 Thank you for attending! MY CONTACT INFO: See you next time! And try to have some fun for cryin out loud!!!! 15
17 SUPPLY-CHAIN CONTINGENCY PLANNING: A Few Small Tips to Get Em Thinking and Get It Going! Local Regional National Global DESCRIPTION: A shocking percentage of your commercial insureds have little or no supply-chain contingency plan. While not a substitute to the thorough analysis provided by risk management professionals or other formalized contingency planning resources, this basic document might be just enough to help you get the insured s wheels turning (here s hoping). Good luck and happy planning! Intended for use as supplement to: "Not Your Grandpa's Globe: Recognizing and Insuring Supply Chain Interruption Copyright: FISCE, Inc. 2014
18 START WITH TWO IMPORTANT LISTS: FIRST LIST: list all of your primary suppliers/major buyers and where they re located. Next to each entry, list out the likely exposures that could cause an interruption (Earthquake, Flood, geopolitical climate, loss of internet, etc.) Important to consider: if you have an extended power or internet outage would it affect your ability to order/receive your supply? SECOND LIST: list alternative suppliers/major buyers to those in FIRST LIST and where they re located. If it s likely an alternative is exposed to the same loss as the primary (e.g. located in same city), consider exploring a different option. How quickly could you engage the alternative and at what additional cost? REVIEW INSURABILITY: Are any of the exposures in FIRST LIST covered by my current Business Interruption insurance program? Are any of the exposures that are not currently covered insurable? REVIEW RISK MANAGEMENT: Review any purchase agreements you have with your suppliers. Are they under any obligation to indemnify you in the event of a loss/slow down to supply? Do you have any contractual obligations to buyers? If so, what constitutes a breach (time delay, reduction in product, etc.) and how much will it cost you? Are there exception clauses for any causes of loss? If you are the seller, does anyone have a contractual obligation to you as a buyer? If so, what happens if they breach due to loss? Intended for use as supplement to: "Not Your Grandpa's Globe: Recognizing and Insuring Supply Chain Interruption Copyright: FISCE, Inc. 2014
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