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Super hero Spider-Man (aka Peter Parker) once again saves New York City from complete devastation and catastrophe. But not before there is epic private & public property damage, a near aviation disaster and countless business interruption events. $6B in Property Losses Overall the movie depicts an estimated $6 billion in property losses. Though these losses are significant, they’d be even greater without Spider-Man.’ The damage wrought in “The Amazing Spider-Man 2” makes the first movie’s villainous destruction by Doctor Octopus look like mere redecorating. Given the fact that Marvel’s Spider-Man franchise shows no signs of losing steam, commercial interests in fictional Manhattan would be wise to review their insurance coverage to be financially prepared for the next time villains come to town. Spoiler Alert: If you haven’t seen the movie. You might want to skip the next 4 paragraphs; there are a few minor spoilers. Broken Safety Protocols? That too. The opening high speed chase through the streets of New York City is a significant loss event by itself. There is major vehicle and other property damage. Thankfully Spider-Man comes to the rescue, stops the thieves and helps avert the release of an environmentally hazardous substance. One can only imagine what would have happened had he not been there? What a great insurance policy he is! But it gets worse. One of the movie’s antagonists, Max, is an underappreciated employee at OSCORP the company running the city’s electrical power grid. Max suffers an industrial accident (workers compensation loss) when he fails to secure help to de-energize, lock-out & tag-out the sector or obtain correct personal protective equipment (PPE). As you’d expect, when you cut safety corners or don't follow safety protocol at all, people get hurt. In this case, an arc flash event doesn’t turn out so well. However, as only happens in the movies, Max comes back to life with some very extraordinary powers. (We’ll leave it to Claims to determine if he’s still eligible for workers compensation as an electrified super villain) Able to absorb and generate electro motive forces (EMF); Max now shoots lightning bolts out of his fingertips. Times Square is the classic setting for substantial vehicular and building damage – until Spider-Man appears. Though there’s nothing he can do for the business interruption claims that will result from the widespread power outage. When the Green Goblin arrives on the scene, watch out. Like a Category 5 hurricane, Electro and the Green Goblin bring about chaos that causes still more property damage and business interruption events. Risk Management Implications for Real Businesses If you don’t have a superhero to rely on, you should talk with your broker and take a closer look at whether your business is ready for: • catastrophic property damage • industrial accidents • environmental exposures • workers compensation claims • business interruption • aviation losses Do you have the proper management and safety programs in place? Do your employees have the necessary safety training and equipment? What is your pre-emergency plan? How would your business handle the loss of electrical power? Do you have the proper coverage? At XL Group we strive to provide you with the answers to these questions. We don't wear fancy costumes or capes (maybe on casual Fridays), but our teams are here to help you identify, mitigate and cover your unique risks, no matter how complex. Look for more. __________________________________________________About the author: Greg Dumansky is Senior Loss Prevention Consultant in the Property team of XL Group’s North American insurance operations. In addition to his role helping businesses build more effective risk management strategies, Greg is an avid film buff. He resides in California. The information contained here is intended for entertainment purposes only. Insurance coverage will depend upon the type of policy in effect, the terms, conditions and exclusions in any such policy, and the facts of each unique situation. No representation is made that any specific insurance coverage would apply to wanton damage inflicted by supervillains in a desperate quest for world domination. Please refer to the individual policy forms for specific coverage details.
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