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COVID-19 has certainly been a devastating and disrupting force for businesses in 2020. Since the pandemic began, a major point of contention between corporate policyholders and insurers is whether these disruptions rise to “business interruptions” as defined under insurance policies offering business interruption (BI) coverage. Companies often purchase BI coverage as part of traditional “all-risk” commercial property policies., and the coverage is generally designed to cover lost income (often in the form of reduced gross earnings) arising from disruptions to an insured’s business operations. This update serves as a brief summary of how coronavirus-related BI coverage litigation has panned out thus far.
Updated Dec. 17, 2020 7:00 pm ET
The Port Authority of New York and New Jersey on Thursday approved a 15% reduction in spending for 2021 because of budget cuts and delays caused by the coronavirus pandemic.
Libby McCarthy, the Port Authority’s chief financial officer, told commissioners that the bistate transportation agency has lost $1.5 billion in revenue so far because of the pandemic and expects to have lost a total of $3 billion through March 2022. Ms. McCarthy said the agency has slowed spending for capital projects not already in construction and is reviewing its long-term spending plan.
Commissioners approved a $7.2 billion budget for 2021, a decrease of $1.3 billion compared with the previous year’s budget. The budget includes $2.4 billion to maintain and upgrade the authority’s facilities, a 33% reduction on spending outlined in the agency’s 10-year capital plan.
Update: All lanes reopened on Verrazzano-Narrows Bridge; speed restrictions lifted on bridges to N.J.
Updated Dec 17, 2020;
Update: Speed restrictions were lifted on Goethals and Bayonne bridges and the Outerbridge Crossing around 10:30 a.m., according to the Port Authority of New York and New Jersey. All lanes of the upper level of the Verrazzano-Narrows Bridge have reopened with residual delays around 10 a.m., according to the MTA.
STATEN ISLAND, N.Y. The upper level of the Verrazzano-Narrows Bridge is closed in both directions due to high winds on Thursday morning amid the nor’easter.
The National Weather Service forecast says that winds in the area are gusting up to 35 miles-per-hour.
Heather Ainsworth/Cornell University
Timothy McNutt, director of the ILR School’s employment initiative for people with criminal records, speaks at the Tompkins County Jail in Ithaca about navigating post-incarceration job seeking. ILR initiative bridging gap between legal system, employment
December 16, 2020
The Criminal Justice and Employment Initiative (CJEI) in November held the first two of four scheduled live online educational trainings for the Port Authority of New York and New Jersey’s Office of Second Chance Employment.
At the virtual trainings, the CJEI team met with over 30 senior human resource professionals to discuss the nuances of criminal records and employment laws to help employers hire skilled workers with criminal records for “landside” employment opportunities at John F. Kennedy, LaGuardia and Newark Liberty airports. Landside jobs at airports are positions that do not require security badges.
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