AIG appoints Peter Zaffino as chief executive officer

Current CEO Duperreault will become executive chairman

Source: Business Online AIG appoints Peter Zaffino as chief executive officer

Two Key Decisions Regarding COVID-19 Related Business Losses

Law360 reports that more than five thousand civil lawsuits have been filed by businesses seeking to recoup pandemic-related losses under their commercial policies. This new wave of litigation has called upon courts across the country to determine whether commercial policyholders have a right to recover for business losses in light of the COVID-19 pandemic. Just last month, two federal courts reached conflicting decisions in similar suits brought by commercial policyholders against their insurers. The rulings, issued one day apart, highlight the challenges litigants will face in pursuing lawsuits of this nature on either side of the docket. In Studio 417, Inc., et al. v. The Cincinnati Ins. Comp., the plaintiff-insureds brought a class action against their insurer after their for pandemic-related business losses were denied. The respective policies each contained the same relevant language, which obligated the insurer to cover “direct ‘loss’ unless the ‘loss’ [was] excluded or limited”. A “Covered Cause of Loss” was defined as “accidental [direct] physical loss or accidental [direct] physical damage”. However, the policies were silent as to what constituted a “physical loss” or “physical damage”.
Source: The Claims Page – USA Two Key Decisions Regarding COVID-19 Related Business Losses

Firms urged to revisit emergency response and business continuity plans

Spotlight shines on risk consulting and engineering

Source: Business Online Firms urged to revisit emergency response and business continuity plans

Diversity Pays Off

The racial reckoning of recent months has raised the bar for business leaders. It is no longer enough for them to simply understand that a diverse group of employees, managers, executives and board members creates better results. They need to have the commitment and motivation to act as well as the fortitude and patience to improve the work environments they oversee. Whether it is diversity in age, ethnicity, religion, identity or gender, companies that support a diverse and inclusive culture will find greater success than those that do not. And the data proves it. Articles from McKinsey and Boston Consulting Group (BCG) highlight how revenue, profit and performance are impacted by diversity and inclusion (D&I), and these numbers are significant. According to BCG, companies with diverse management teams experienced a 19% increase in revenue, compared to others with less diversity. McKinsey also reports racially and ethnically diverse companies are 35% more likely to perform better. When D&I intersect with one another, good things happen.
Source: The Page – USA Diversity Pays Off

Westpac takes huge insurance charge against earnings

Charge is the latest blow for country’s oldest bank

Source: Business Online Westpac takes huge insurance charge against earnings

Calls for insurance incentives for farmers reducing fire risks

“The Federal Government must take the lead on building a more resilient Australia”

Source: Business Online Calls for insurance incentives for farmers reducing fire risks

Tesla Insurance Could Potentially Be America’s Biggest Auto Insurer

Tesla – the auto offshoot of Tesla Inc. – could become one of the largest auto insurers in America, if the unit’s valuation by chief executive Elon Musk is to be believed. In a recent quarterly earnings call, Musk dropped hints that he sees Tesla taking up a good portion of the company’s car business. “Obviously, is substantial. So, could very well be, I don’t know, 30%, 40% of the value of the car business, frankly,” he said. Thirty per cent (30%) may not sound like much, but a report from CleanTechnica puts the figure into perspective. As of July, Tesla’s value exceeded almost every company in the S&P 500, the clean technology news portal noted, with the company’s market cap currently sitting at $391.95 billion. If Tesla was 30% of the company’s current market cap, it would easily take the top insurer spot from State Farm, which has a market cap of $42 billion.
Source: The Page – USA Tesla Insurance Could Potentially Be America’s Biggest Auto Insurer

ASIC deputy chairman resigns following expenses scandal

A review looks into his alleged use of taxpayer funds to cover rent expenses

Source: Business Online ASIC deputy chairman resigns following expenses scandal

How to Pressure Test Pipes Safely

When you have good plumbing, you’ll be able to run your water efficiently and effectively. However, when the pipes’ pressure is too high or low, you’ll run into problems. High water pressure will stress the entire system while low pressure will challenge good water flow.

The key to keeping your plumbing system in good shape is to test the pressure. Using air to assess the condition of a plumbing system is a good option. Knowing how to pressure test pipes safely isn’t always easy though. This system uses compressed gas which can cause pipes to explode if not done properly. It should also not be done with plumbing systems that have plastic piping installed.


Testing the System

If you’re testing a system that already has water, the plumbing pressure testing of pipes first involves turning off the main shutoff valve. Allow any water to drain from the pipes and then shut off faucets.

If the system is new without any water present, put a cap on stub-outs connected to the system. You’ll want to either solder or glue caps on water systems. If it’s a drain vent waste system, you can simply glue caps to stub-outs and then cut them off after completing the testing.


Install the Fittings

If it’s a new system, you may have to install the proper fittings to connect a pressure gauge and air compressor hose. For water systems, just leave the cap off of one stub-out. Then you can install a tee and adaptor for the hose and gauge on the stub-out. If it’s a waste system, attach the adaptor to a clean-out fitting and install a tee.

Now that you have the system ready, you can attach a water gauge. It’s best to do this in a laundry room faucet or you can also use an outdoor faucet with a threaded spout.


Connect the Hose

Connect the compressor hose to the system. Start by attaching an adaptor to a different faucet where you can connect this hose. Then attach the compressor to the faucet.


Change the System

Now that you’re ready to go, turn on the compressor. Let the pipes fill with air until your pressure gauge indicates that you’ve reached the optimal test pressure reading. Not all systems have the same pressure reading. You’ll have to review plumbing codes to get the correct reading for the system that you’re testing. It’s going to be different for water or drain systems.


Turn off the Compressor

Once you’ve reached the pressure desired, shut down the compressor. Allow the system to pressurize for 15 minutes. After you’ve waited, remove the hose but leave the pressure gauge in place. You can expect to hear some air escaping the pipes if there are any leaks in the system and may want to note them.

If you notice that the gauge’s pressure remains unchanged, you can be sure that the system is leak-free. However, if the pressure starts to go down, you’ll know that you have a leak present.


Repair Leaks

If you’ve noticed that there are leaks present, then you’ll be able to contact a professional plumber to have the system repaired. If you are yourself a plumber, you can consider repairing them yourself. The most common areas to find the leaks will be in the joints or any connections with the pipes. The three types of joints include IPS, compression, and soldered. While the repair for them is fairly straightforward, you may not want to take on these repairs unless you are experienced with plumbing repairs.


Testing the System

“It’s never a bad idea to test your plumbing system, and this process is fairly simple. It involves only seven steps, but it shouldn’t be done unless you are competent as incorrect testing can damage your entire system.”

Around the Bend – Plumbing Frankston

Not all plumbers are willing and able to pressure test pipes with air so you may have to contact a professional to get this testing completed. If you have a new system or an existing one where you suspect the pressure is not correct, testing is your best option.

Source: WorkSafe News How to Pressure Test Pipes Safely