Catastrophic Flooding in Michiganhttps://adaptready.com/wp-content/uploads/aria-midland-michigan-flooding.png1051561adapt readyadapt readyhttps://secure.gravatar.com/avatar/233c811c4260a934276d71248d47d47d?s=96&d=mm&r=g
With the breaching of both Edenville and Sanford dams in Midland Michigan, thousands of people are under evacuation orders. The impacted region is also home to hundreds of small businesses ranging from restaurants and grocers to dentists and law firms.
One of the bigger concerns is a Dow Chemicals plant that manufactures plastics and resins, where floodwaters have already reached the plant’s outer boundaries per the New York Times. For a detailed analysis of the potential business interruption and contingent business interruption losses, schedule a demo today.
Hurricane Irma Closing in on Floridahttps://adaptready.com/wp-content/uploads/irma-latest.png897736adapt readyadapt readyhttps://secure.gravatar.com/avatar/233c811c4260a934276d71248d47d47d?s=96&d=mm&r=g
As Hurricane Irma barrels down on Florida, insurers are vulnerable to a myriad of exposures. As of this writing, all the major and minor ports serving the state have been shutdown.
The Tampa, FL port is a crucial gateway for fertilizers as it handles over 20% of the US exports, with its biggest customer, The Mosaic Company, being affected in particular – not just from the port closure, but due to the closure and potential impact on its phosphate production locations in the vicinity.
Mosaic serves customers in over 40 countries, and acknowledges that it conducts operations through a limited number of key production and distribution facilities. (Phosphates accounted for nearly 41% of the company’s revenues in 2016). The larger implications on agri-based businesses (including Campbell Soup, Kellogg, Tyson Foods and PepsiCo) remains to be seen.
Irma is also after orange juice: Bradenton, FL based Tropicana, is the world’s largest producer of branded juice, and one of the billion-dollar-plus subsidiaries of PepsiCo. The Tropicana plant is in the path of the hurricane, and its closure could severely impact production for days to come.
A quick rundown of industrial exposures at major ports follows:
Major Port
Industry
Potentially Impacted Companies
Tampa
Fertilizer, Agriculture, Food & Beverage
Mosaic Company; PepsiCo; Campbell Soup
Jacksonville
Auto industry (635,000 automobiles imported annually)
Volkswagen; Porsche; Toyota
Port Everglades
Industrial and heavy equipment
Hurst
Miami
Clothing, medical equipment and pharmaceuticals, metal products, and printing
Steiner Atlantic; Noven Pharmaceuticals
West Palm Beach
Ships and boats
Rybovich; Horizon Yacht; Bahama Boat Works
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As Hurricane Irma barrels down on Florida, insurers are vulnerable to a myriad of exposures. As of this writing, all the major and minor ports serving the state have been shutdown.