Assignment Week 7 Situation Exercise
Juans Mortuary, owned by John Martino, is a funeral home and international trade shipping firm located in Queens, New York. When the building that housed the firms prep-room suffered damage as a result of arson, the firm was forced to relocate its embalming machines and 6 employees. Moving into a friends funeral home several blocks away, John worked from this temporary location for close to two months before returning to his regular location. The disruption cost him about $ 95,000.00 in lost business and moving expenses. In addition, he had to lay off three employees.
Questions:
Read the exercise scenario above then answer the following questions. Keep your answers brief, up to a few paragraphs for each question.
1. What are the major types of risk faced by a firm such as Juans Mortuary? What kind of insurance coverage will cover these risks?
2. What kind of insurance would have helped John cope with the loss resulting from arson? In purchasing this kind of insurance, what questions must be answered about the amount and terms?
3. Would you have recommended that John purchase insurance that would have covered the losses in this case?
Use the order calculator below and get started! Contact our live support team for any assistance or inquiry.
[order_calculator]