Commercial Property

Taking on New Risks: Businesses Evolve to Face Challenges Posed By COVID-19

Businesses in the United States and Canada have had to adapt to an unprecedented set of uncertain and rapidly evolving circumstances in recent weeks. According to a recent Goldman Sachs survey of U.S. small business owners, 96 percent say that they have already been impacted by coronavirus, or COVID-19. “Many companies are experiencing changes in…

Millions on Flood Watch Following Winter Storms

A powerful storm system that tore through a massive swath of the U.S. on January 11 and 12 was responsible for the tragic loss of 11 lives, cutting off power to hundreds of thousands of households and putting more than 20 million Americans under flood watch. The deadly storms in the South and Midwest brought…

56 Pediatric Patients’ Stem Cells Destroyed in Hospital Freezer Failure

When a storage freezer at Children’s Hospital Los Angeles (CHLA) malfunctioned last month, 56 pediatric patients, many undergoing cancer treatment, lost their stem cells. The cells were collected before patients began cancer treatments, like chemotherapy and radiation, and stored for potential future use. Following the incident, CHLA sent notification letters to the affected families, unfortunately…

Unlicensed Greenhouses and Mold Prompt Extensive Recalls and Returns, Showing Cannabis Industry Risk

On August 19, CannTrust Holdings Inc. announced that the Ontario Cannabis Store (OCS) was returning its entire $2.2 million inventory of CannTrust products. The return is in response to the suspension of CannTrust’s sales and shipments last month, after a Health Canada inspection revealed the company had grown plants in several unlicensed greenhouses. Prior to…

Fire Destroys Jim Beam Warehouse, Bourbon Plume Pollutes Rivers

On July 2, lightning struck and ignited a fire at two Jim Beam distillery warehouses in Versailles, Kentucky. The fire, fueled by the 45,000 barrels—over 2 million gallons—of bourbon, burned for several days and reduced one warehouse and its contents to rubble. Bourbon from barrels destroyed in the fire flowed from the site into nearby…

Extreme Heat, Power Outages Disrupt Business and Events

Temperatures near and in the triple digits have scorched the U.S. Midwest, Northeast and parts of Canada this month, accompanied by blackouts, extreme weather and other heat-related headaches. On July 19, violent thunderstorms in Michigan cut power to a half million people in the Greater Detroit area. Earlier that day an unexplained explosion and fire…

Hurricane Barry Serves as Flood Wake-up Call for Businesses, Homeowners

Barry touched down on the Louisiana coast as a Category 1 hurricane on July 13, shutting down businesses, tearing roofs from homes, flooding streets and halting oil production across the Gulf of Mexico. Even as the country’s first hurricane of the year diminished in power and was downgraded to a tropical storm, it continued to…

California Earthquakes Prompt Homeowners, Businesses to Examine Exposures

On July 5, approximately 125 miles northeast of Los Angeles in Ridgecrest, California residents experienced a 7.1-magnitude earthquake, only 34 hours after a 6.4-magnitude earthquake shook the same location. Fortunately, there were no deaths. As homeowners and businesses evaluate damage, early estimates predict at least $100 million in losses. California is the site of more…

2019’s Record-Breaking Tornado Season Continues, Causing Billions in Damages

Shortly before 9 p.m. on June 23, a tornado with wind speeds up to 125 miles per hour cut a two-mile path of destruction through South Bend, Indiana. A potentially treacherous stovepipe tornado was reported in northern Indiana’s St. Joseph County a few minutes later, at 9:15 p.m. A day earlier, tornadoes touched down in…

Largest Living Insect Heist Sparks Risk Conversation for Museums

When thieves stole 7,000 rare insects, snakes and reptiles from a Philadelphia museum in August, they forced the closure of two entire floors of the museum while it tried to replenish its $40,000 collection. Museum officials called the theft of zebra tarantulas, rhinoceros roaches and other exotic creatures the “largest living insect heist” in history….