Closed businesses could storm insurers with claims [Westchester County Business Journal (NY)]
|By Golden, John|
Businesses unable to open due to prolonged power outages, road and mass-transit closings and disrupted supply lines in the wake of Hurricane Sandy are expected to file substantial claims for business interruption losses that could be a major headache for insurers and a legal battleground, according to insurance industry experts.
Some analysts have estimated business interruption losses will amount to about 30 percent of total insurance losses. Officials at Allianz Global Corporate & Specialty Americas, an international corporate insurer in
State and federal officials have not yet tallied or ventured to estimate overall storm damage in the federal disaster area that includes the five
The federal lending arm to disaster-stricken businesses, the
SBA officials said businesses and non-profit organizations of any size may borrow up to
The SBA may increase a loan up to 20 percent of the total amount of damage to real estate or leasehold improvements in order for business owners to make improvements that lessen the risk of property damage in future disastrous storms.
The SBA also offers economic injury disaster loans to small businesses and most private nonprofit groups to help with working capital needs related to the disaster. The economic injury loans are available even if a business did not suffer any physical property damage.
Interest rates are as low as 3 percent for nonprofits and 4 percent for businesses with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant's financial condition.
The SBA filing deadline for loan applications for physical property damage is
Cuomo announced that the
Cuomo said the DEC relief measures will help businesses meet deadlines for submitting permit applications for minor modifications and renewals, obligations in consent orders and payment of regulatory fees.
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