Business Interruption Insurance News

The six-day blockage of the Suez Canal by the Ever Given has resulted in numerous trade and supply chain disruptions for businesses that depend on timely shipments. At least 400 cargo ships were stuck and many forced to reroute. Businesses may be protected from lost profits and the costs of these interruptions and supply chain delays by insurance.Businesses that depend on the Suez Canal to deliver their cargo, commodities and products face billions of dollars of lost profits and damages.

Stolt-Nielsen Limited has reported unaudited results for the fourth quarter ended November 30, 2013. Net profit attributable to SNL shareholders in the fourth quarter was $36.7 million, with revenue of $524.5 million, compared with $21.8 million, with revenue of $521.8 million, respectively, in the third quarter of 2013. Net profit attributable to shareholders for 2013 was $85.8 million, with revenue of $2,099.5 million, compared with $70.2 million, with revenue of $2,071.7 million, respectively, in 2012.

Stolt-Nielsen Limited  reported unaudited results for the third quarter ended August 31, 2013. Net profit attributable to shareholders in the third quarter was $21.8 million, with revenue of $521.8 million, compared with $25.7 million, with revenue of $533.8 million, respectively, in the second quarter of 2013. Net profit attributable to shareholders for the first nine months was $49.1 million, with revenue of $1,575.0 million, compared with $52.0 million, with revenue of $1,560.8 million, respectively, in the first nine months of 2012. Stolt Tankers reported an operating profit of $9 million, up from $5 million, as market conditions continued to slowly improve. The Stolt Tankers Joint Service Sailed-in Time-Charter Index increased to 1.28 from 1.2.

“Gotchas” are pitfalls, catches, bait and land mines – a kicker, snare or snag. They are surprises and, in the world of insurance, surprises are rarely a good thing. ‘Gotchas’ can be caused by different things. It may be the age of the coverage forms; it may be case law has moved on beyond the policy’s intent. Or, it may be there is a ‘disconnect’ between policy wording and current business practices. Sometimes, these things occur simply because some insurance contracts are impenetrable. Insurance policies are a distinctly difficult set of documents to understand.

NEWPORT NEWS, Va., May 11, 2011 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries, Inc. (NYSE:HII) reported first quarter 2011 sales of $1.68 billion, down 1.6 percent from the same period last year, and operating margin of 5.0 percent, essentially flat year over year. First quarter earnings per share was $0.92, up from $0.85 in 2010. New business awards for the 2011 first quarter totaled $1.7 billion, bringing total backlog to $17.4 billion as of March 31, 2011. "As a newly independent company, we are focused on providing high-quality products and services to our customers, the U.S.

According to reports, the Port of New Orleans is in dire need of federal and state aid to save some of its most damaged operations and businesses, the port's president and chief executive told the maritime industry in his annual state of the port address. Gary LaGrange said the port is in a battle to retain the nine maritime businesses that operate along the Industrial Canal, a 1,000-acre tract of port property that was devastated by Hurricane Katrina. Together the businesses generated about 9,000 indirect jobs, LaGrange said. At least one of them probably will have to relocate soon, he said. The port does have several things to celebrate, he said.

R&B Falcon Corporation announced drillship Deepwater Pathfinder sustained damage when 20 joints of the vessel's riser and its blowout prevention equipment fell to the seabed in approximately 7,000 ft. of water while preparing to continue drilling operations in the Gulf of Mexico offshore Louisiana. None of the personnel aboard the drillship sustained any injury. The drillship's top drive and travelling equipment sustained damage, and an investigation is underway to ascertain the full extent of damages sustained. The marine integrity of the drillship was not affected. No environmental damage resulted from the incident. Deepwater Pathfinder is operated under a long-term bareboat charter by Deepwater Drilling L.L.C., a limited liability company in which affiliates of Conoco Inc.