Embargoes, prohibitions of outsourcing (especially when involving communications infrastructure), confiscation or freezing of foreign assets and/or currency, and contract repudiation can likely ensue during panic mode. These are commonly described as Trade Disruption issues. Damage includes closures of ports, airports, power grids, and rail yards as a result of tsunamis, earthquakes, pirates in Somalia, terrorism, revolutions, civil unrest, embargoes, and wars.
A technology parts manufacturer with growing revenues expected to exceed $100 million, told us that they were planning to open an office in the Netherlands. As it would be their first overseas office, they needed advice and help in determining risk, exposure, and the best insurance solutions.
If your Electronic Equipment Maintenance costs exceed $20,000 each year, there are some interesting new products on the market which…
The sign of a robust economy is the number of contracts we are asked to review for our clients. Boston is genuinely a hub of global technology services, contracting with some of the world’s largest enterprises.
Most crime insurance policies exclude coverage when an employee is tricked into transferring money or property to an unauthorized party. This is considered to be willingly transferred, and is commonly known now as a “Social Engineering” crime. Social Engineering is not within the scope of most existing crime policies, which are intended for crimes such as holdups, robbery, or computer hacking by an outsider. Willingly parting with money or property is also a standard exclusion on crime policies.
N.P. James Insurance Agency sponsors Concord Carlisle High School Students In Control “Skid School” – Students Learn Driving Skills for Hazardous Conditions
Outsourcing a non-core function can save you time and lower your costs. It can give you access to added expertise, and can provide you with a valued partner in your business as the outsourcing relationship grows. In summary, here are reasons to outsource and reasons not, as well as how to get started: