Haynes and Boone's Newsroom
Covering Income Lost Because of Japan's Quake
Erika L. Bright
Japan’s catastrophic earthquake and tsunami are causing profound effects across the globe. Estimates of the damage to housing, infrastructure and business in northeast Japan now exceed $300 billion. Though the people of Japan work diligently to restore their lives and businesses, Japanese businesses continue to experience halted or limited operations. Texas businesses with Japanese facilities, suppliers or customers are now feeling significant effects.
Businesses losing income because of the earthquake and tsunami may find relief from insurance coverage. Many property policies contain business interruption, contingent business interruption and/or extra expense coverage that reimburse insureds for such losses.
Excerpted from Law360, April 7, 2011. To read the full article, click on the PDF linked below.