Planet Money Risky business
Apr 27, 2022
Summer Gerbing, the owner of the Ivy Room, a lively music venue in Albany, California, shares her battle with pandemic-related insurance challenges. She discusses the struggles small businesses face as insurance policies adapt to unprecedented risks. Listeners also learn about the impact of cyber threats from Russian hackers on business security and how evolving policies affect coverage. Summer's insights highlight resilience amid uncertainty and the vital role of adequate insurance in navigating today's risk landscape.
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Ivy Room's Insurance Denial
- Summer Gerbing, owner of Ivy Room, paid high insurance premiums.
- Her business interruption insurance claim was denied during the pandemic.
Insurance and Catastrophic Events
- Insurance policies struggle to cover widespread catastrophic events.
- Pandemics, earthquakes, and wildfires create too much simultaneous risk.
Wimbledon's Pandemic Payout
- Wimbledon organizers had purchased pandemic insurance for nearly two decades.
- They received a substantial payout when the tournament was canceled in 2020.