business interruption, Insurance

Hurricane Sandy business interruption claim denials could be all wet!

Hurricane Sandy business interruption claims are being denied!

Many companies that thought they were covered for Hurricane Sandy business losses are now finding that their insurance company is telling them that their claims are all wet!

Isn’t that just like an insurance company? It reminds me of the Seinfeld episode where Jerry goes to pick up a rental car only ot find out there is no car:

“I know what a reservation is” “I dont think you do” “See you know how to take the reservation, but you just dont know how to hold the reservation. And essentially thats the most important part of the reservation, the holding.”

Change that to an insurance company when a policy holder files a claim that gets denied:

Agent: “I know what insurance is!”

Policy Holder: I don’t think you do. See you know how to write the policy and collect my premiums, but you just don’t know how to pay a claim! And essentially it is the paying of a claim that is the most important part of having insurance!”

The good news, however, for companies that have had claims denied, is that it might not be the end of the road.

In fact, in an article at the Property Insurance Company Law Blog titled ‘Business Interruption Claim Denials After Hurricane Sandy Abound in New York City‘ the case is made that ‘While it is true that most, if not all, commercial policies have flood exclusion provisions in the main property coverage section, most standard policies also contain additional coverages and endorsements that afford payment for business income losses despite the flood exclusion.’

Read the full article at the Property Insurance Company Law Blog here.

Business, business interruption, business preparedness, cloud, Facebook, Google, hallmark abstract service, Halloween, Insurance, severe winter weather, teleworking, weather, Winter storm

If a bad winter is on the way, is your business prepared to weather the storm?

For Hallmark Abstract Service or any other business, an unexpected surprise such as a winter storm is never a good thing!

If your business was faced with a surprise storm this winter that shut down the power grid or severely hampered your employee’s ability to get to work, would you be ready to cope?

This exact circumstance was the frightening scene at Halloween as an early winter storm slammed some areas along the Eastern seaboard including in New York and New Jersey. Travel was hampered by up to 30″ of snow on the ground with over 2 million homes and businesses losing power.

This map indicates that the forecast for the east coast this winter is for even more severe weather in the form of heavy snowfall. So what can a business do to get in front of any crisis?

  1. Do some reconnaissance on your business and physical plant to determine possible problem areas to address before the next crisis hits!
  2. Explore business interruption insurance and potential replacement vendors in case your business, or merely one of your key suppliers or distributors is incapacitated for an extended period of time.
  3. Have your insurance professional review your coverages to make sure that they are adequate for your businesses requirements.
  4. Set up a system so that in the event any part of your business goes down you can still successfully communicate with your employees, customers and vendors. This can include secondary email addresses as well as social media like a Facebook or Google+ company page.
  5. Give some consideration to setting up a system through which employees can conduct business by teleworking. This could include such things as having company information stored on a “cloud” and allowing employees to have access to their work computers at their homes.

Whatever approach you may take, being prepared for contingencies beyond your control is extremely important in business as well as in life!

If you have any questions or comments for Hallmark Abstract Service, please call us at 516.741.4723 or email us at

You can also find out more about us on our website here.

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Business, Computer crime, Computer security, cyber attack, Cyberwarfare, Insurance, Intellectual property, Malicious Software, Private sector, United States, Viruses

How to protect a law practice from a cyber attack!

Cyber attack, the potential impact and how to avoid one!

All company‘s in every industry including title insurance and law face the threat of, and potential losses caused by, a malicious cyber attack!

92% of companies that suffered a cyber attack had losses from a variety of causes including intellectual property and corporate downtime.

84% of the losses suffered above involved actual costs needed to be borne by the company.

20% of the businesses suffering a monetary loss incurred a cost greater than $195,000. (Source)

10 ways to protect your law practice or other business from a cyber attack!

Some if not all of these safeguards may seem like common sense things to do, but in the day to day operation of a business how many are actually implemented on schedule and consistently over time?

  1. Establish strong passwords,
  2. Put up a strong firewall,
  3. Install antivirus protection,
  4. Install all recommended updates,
  5. Secure the information on laptops being used by your employees,
  6. Secure the information on mobile phones used by your employees,
  7. Set-up a regular schedule to backup the information being stored,
  8. Have someone tasked with monitoring the system,
  9. Avoid importing a virus by avoiding unfamiliar emails, IMs and websites,
  10. The same way employees are educated on product or corporate issues, they need to be educated on safe online usage.

To read a more expansive explanation of each of these steps, visit Business Insider here.

For information on title insurance and Hallmark Abstract Service please visit our website and sign-up above to receive all new articles from The Hallmark Abstract Sentinel by email or feed.

Mike Haltman, Partner
Hallmark Abstract Service
131 Jericho Turnpike, Suite 205
Jericho, New York 11753
516.741.4723 (O)
516.741.6838 (F)

Business, financial crisis, Insurance, JD Supra, Legal, New Jersey Title, real estate crisis, Underwriting

New Jersey Title: What happens if your title insurance underwriter stops writing policies? | Hallmark Abstract Service LLC – JDSupra

New Jersey Title: What happens if you’re title insurance underwriter stops writing policies? | Hallmark Abstract Service LLC – JDSupra

New Jersey Title, an underwriter of title insurance policies in the northeast, has become a casualty of a financial and real estate crisis that has taken many victims.

Some of these casualties might never have occurred if the crisis has not taken place, but because it did there are firms and individuals who now face the need to find alternatives at a time when those alternatives may be difficult to come by.

Read the story at JD Supra here.

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