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Will insurance protect businesses damaged by looting?

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Will insurance protect businesses damaged by looting?

Sean Wotherspoon spent Saturday nights at his home in Los Angeles, watching live when his business was destroyed.

He watched as security camera baits showed people smashing window panes from his Round Two store in North Fairfax and walking out with more than $ 250,000 of upscale street clothing. He saw them buying as much inventory as possible from the vintage shop next to it. He watched as the location of Round Two on the other side of the country in Richmond, Va., Was perforated by fire.

“I’ve been robbed before, but not like this,” said Wotherspoon.

Protests over police killings in Minneapolis, George Floyd, continued in cities across the country Sunday night, and thousands of Angelenos took to the streets to voice their anger at police impunity that killed or slaughtered black Americans.

Looting has accompanied several protests. Among the first businesses to be broken into was the Minneapolis Target near police station officer Derek Chauvin, who was accused of committing third-degree murder and slaughter after killing Floyd by kneeling on the neck as he struggled to breathe. In the days since, national chains and local businesses have been broken into, including several in downtown Los Angeles, the Fairfax district, Beverly Hills, and the Santa Monica seaside commercial zone.

Many businesses have struggled with cutting income and gloomy income prospects under a sustainable COVID-19 pandemic.

But how and whether they bounce back from shattered windows, stolen property, and burned buildings depend on one factor: their insurance policy.

When Wotherspoon spent Sunday assessing losses at his shop, he admitted that he was not sure whether his policy would protect him from this kind of damage.

“We are insured, but I do not know what we are covered for, and I do not know whether we are covered for losses” in civil disturbances, he said. “We might not know for a week or more.”

Business insurance is similar to consumer car insurance: Basic liability is required by many (though not all) landowners in a lease agreement to protect the owner if they face lawsuits from injured customers in their stores, among other legal claims. But it often depends on individual business owners to decide how much insurance they want to buy to cover their inventory and equipment in case of theft, fire and other scenarios.

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Large chains such as Target, Starbucks and Apple use their deep pockets to buy sophisticated policies that cover the entire chain for millions of dollars in losses, according to Janet Ruiz, director of strategic communications at the Insurance Information Institute.

But for smaller businesses, the amount of coverage can vary greatly in terms of deductibles and dollar limits, depending on the type of business, inventory value and depth of owner’s pockets. Because not all landowners require businesses to insure their inventory and equipment against losses, some local owners end up having to bear all the losses and repair costs themselves.

For those insured, the estimated general cost is around $ 1,200 per year for small businesses with up to 100 employees and $ 5 million in income, Ruiz said, adding that “it depends on how much they want to spend if they have a loss. “

Restaurants, whose kitchens pose a fire risk, may have to pay insurance to cover their equipment at a higher rate than retail stores where customers read carefully the clothes rack.

Losses suffered by businesses due to a pandemic are not included in a typical business policy, although some operators began offering them after the SARS pandemic in 2003, he said.

“There are companies that make them, and they don’t sell,” Ruiz said of the policy. “That’s expensive.”

Fraser Ross, owner of the Kitson clothing and gift chain on Robertson Boulevard in West Hollywood, recorded a video from across the street as people moved from the burglary of a nearby MedMen store, smashed the windows of their outlet stores and began transporting what clothing, accessories and cash were in register. He estimates that $ 300,000 of merchandise is stolen but believes it will be borne by his insurance, although he still needs to check with his lawyer.

“In 2002 we were robbed with weapons at $ 35,000 in a watch,” Ross said. “Everything is closed.”

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After locking up coronaviruses throughout the city forced Ross to close its doors at the end of March, he said, the only expenses he continued to pay were for Shopify’s online store, basic utilities, and insurance policies. He was concerned that some of his neighbors in the shopping district might have canceled their insurance policies during the closure.

Under normal circumstances, said Ross, he would not be on track to replace windows – many insurance companies offer glass coverage as a rider on their policies. But because he is technically in the middle of a lease with his owner, Ross may have to pay for repairs.

A few miles east of Kitson, the crowd smashed windows and windows in Chi Spacca, an upscale Italian restaurant that had been operating as a Mozza to Go takeout during a coronavirus locking.

Once inside, they took all the restaurant wines, electronics, empty cashiers and several chef knives; throwing plates; and turn on a lighter puddle on the floor. Next to him at Osteria Mozza, looters took a third of liquor from the bar and some upscale champagne, according to Kate Greenberg, director of operations for the restaurant group.

“I hope everything is covered” by insurance, Greenberg said. “I don’t understand why we didn’t.”

Mozza staff spend Sunday photographing damage and plan to take 3D images on Monday to show the insurers that the level of damage is due to fire. “Whether it’s a discarded salad or whatever, we take photos of everything,” Greeenberg said.

Now, to try and prevent further damage, business owners throughout the city are climbing the window displays and deleting as much inventory as they can. Ross said that he went up to his Kitson store on Sunday and went to the pop-up location in Beverly Hills and filled up his car.

“I didn’t know what to take, so I only took the most valuable items,” Ross said, like jewelry and sunglasses.

Large companies are also preparing for more damage on Sunday. The target closes or adjusts 175 hour locations across the country in response to protests, including 49 stores in California. Whole Foods locations in and around Los Angeles, Minneapolis and Chicago remain closed on Sunday, and Walmart and Apple announced that many of their stores will be closed throughout the country.

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Until this weekend, the two most expensive civil disturbances in the country’s history occurred in Watts in 1965 and Los Angeles in 1992, following the release of four police officers in the beating of African-American motorcyclist Rodney King.

The 1992 riots were the most expensive in US history, which caused property damage worth $ 1.4 billion in dollars today, according to data analysis provider Verisk Analytics and the Insurance Information Institute. The Watts riots caused $ 357 million in damage, as did accounting for inflation.

The cost of riots this week has not yet been calculated – but in many cases, insurance companies will likely be stuck with bills.

California Insurance Commissioner Ricardo Lara called on insurance companies to move quickly to help affected businesses recover from the riots.

“Commissioner Lara expects people who can adjust as quickly as possible to help every looted business quickly access their insurance benefits,” said Michael Soller, a spokesman for the state insurance department.

Lara will also make a decision on whether to issue an emergency declaration that will allow insurance companies to use overseas adjustments to speed up the process, he said. This was done in 2018 after fires at Camp and Woolsey, when the scale of the damage flooded the insurance companies.

Because of the COVID-19 crisis, Lara ordered insurance companies to return a portion of the commercial premium for the pandemic affected business until May and asked them to extend the grace period of premium payments until mid-July.

Businesses affected by looting should contact their insurance company about the grace period and discounted premium prices. Because of the commissioner’s actions, they must have more time to pay premiums and be able to qualify for lower rates; they can contact the Insurance Department to get help in filing a claim or with questions about their coverage.

Times cooking editor, Genevieve Ko contributed to this report.

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Teodoro Obiang meets the Portuguese he saved from death | NEWS | DV

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Teodoro Obiang meets the Portuguese he saved from death |  NEWS |  DV

Teodoro Obiang was received on Tuesday (28.06) at the headquarters of the Community of Portuguese Speaking Countries (CPLP), where, not to mention the process of abolition of the death penalty in his country, he promised to comply with all the necessary recommendations of the membership. by organization. .

“We are ready, we are organizing to fulfill all the conditions that all CPSG member countries demand,” the President of Equatorial Guinea said in press statements without the right to ask questions.

Accompanied by Zacarias da Costa, executive secretary of the CPLP, Obiang assured that Portuguese, considered a foreign language in Equatorial Guinea, is on the rise, mainly because many young people are already learning the language in schools.

“Portuguese will become the language spoken throughout the country,” he promised.

The President of Equatorial Guinea is in Portugal as one of the senior government officials invited to the United Nations Oceans Conference, which is taking place in Lisbon until 1 July.

The presidential delegation of Equatorial Guinea includes First Lady Constance Mangue, Foreign Minister Simeon Oyono Esono, and Mozambique Murade Muraga, former CPLP Executive Secretary, who serves as Obiang’s Special Adviser for the Portuguese Language.

Jorge Trabulo Marquez spent 38 days canoeing in the Atlantic Ocean.

The head of state of Equatorial Guinea held several bilateral meetings, including with the President of the UN General Assembly, Adullah Shahid; was at the International Craft Fair (FIA), this Wednesday will be received by his Portuguese colleague Marcelo Rebelo de Sousa and will visit the Sanctuary of Fatima.

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“Obiang understood and set me free”

At the hotel where he was staying in Lisbon, Obiang received Portuguese journalist Jorge Trabulo Marques, who spent 47 years in prison in Malabo after 38 days of trying to cross the Atlantic by canoe from Sao Tome. . . .

Marquez says he was 30 years old at the time and it was Obiang, then supreme commander of the armed forces, who saved him from death.

“At that time, I was considered a spy because it was hard to believe that a European would sit in a canoe,” Jorge Trabulo Marquez told DW Africa.

“I was taken to Black Beach Maximum Security Prison and sentenced to hang. Five days later, while I was walking, the phone rang and it was Commander Obiang, the nephew of President Macias, who called me to his office to give the president a writ of execution.”

President of Equatorial Guinea Teodoro Obiang receives journalist Jorge Trabulo Marquez in Lisbon.

Meeting between President Teodoro Obiang and journalist Jorge Trabulo Marquez on Tuesday (28.06)

But Obiang, then 33, went against the execution order for his uncle Macias Nguema.

“Thank God he was understanding, he was generous, he took my word for it and set me free. I was here today to thank him for life because I saw death before me. Every night I heard piercing cries; terror prison. Whoever entered alive, came out in a tomb.”

At this meeting, the journalist expressed his gratitude by offering a picture painted with a portrait of a man who saved his life in a country where the Castilian language prevails and where the death penalty has not yet been completely abolished.

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Portuguese DJ Narciso among the first advertisements of the Polish festival Unsound – Showbiz

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Portuguese DJ Narciso among the first advertisements of the Polish festival Unsound - Showbiz

Musician DJ Narciso is the only Portuguese name in the first group of artists at Poland’s Unsound festival, which will take place in Krakow in October, the organization announced today.

The Portuguese DJ Narciso appears in the dance program of the festival, reminiscent of the organization that is part of the Príncipe publishing house from Lisbon.

Narciso created RS Produções in Río de Mouro, municipality of Sintra, in the middle of the last decade, which he shares with Nuno Beats, DJ Nulo, DJ Lima and Farucox.

This year he released the EP “NXE” with London’s Endgame by Chinese publisher SVBKVLT. According to a biography available on Bandcamp at the time of launch, DJ Narciso is “bringing together a new wave of artists from Kuduro from Lisbon, [sendo] one of the youngest members of Príncipe who helped redefine the genre.”

One of the most influential European festivals, which annually collects names from various musical fields and commissions works by contemporary authors, Unsound will present projects in Krakow in its 20th edition, such as the premiere of Osmium, which features Hildur Guðnadóttir. , Slater of Sam Blanket and James Ginsburg, who will play with singer Rulli Shabara on instruments made especially for the occasion, according to a statement from the event.

Polish cellist and composer Resina will join Frenchman Aho San in the Ego Death project, also curated by Unsound.

The Contemporary Spółdzielnia ensemble, in turn, will present “Vitriolum”, in which musicians interpret works on 3D-printed instruments “based on Carpathian flutes and ancient double reeds.”

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From October 9 to 16, Unsound will also host Oren Ambarchi, Johan Bertling and Andreas Verlin as Ghosted, as well as Japanese solo artist Phew and more.

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Portuguese deep tech fund raises over €32m for blue economy projects

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Portuguese deep tech fund raises over €32m for blue economy projects

The fund’s first investment in the blue economy and climate action is in Fuelsave, a German cleantech company.

Faber, a Portuguese emerging technology venture capital firm, announces that its Faber Blue Pioneers I fund exceeded its initial target of €30 million to close at €32 million.

Southern Europe’s first venture capital fund focused on “deep tech” for ocean sustainability and climate change has already made its first investment in Fuelsave, a German cleantech company.

Announced late last year, Faber Blue Pioneers I is funded by institutional investors with an impact strategy such as the European Investment Fund (FEI) and Portugal Blue, Sociedade Francisco Manuel dos Santos (through its part of Movendo Capital), Builders Initiative (the philanthropic arm of Builders Vision, impact platform founded by Lucas Walton, dedicated to creating a more humane and healthy planet and with an investment strategy in the oceans), the Calouste Gulbenkian Foundation and the Champalimaux Foundation, as well as entrepreneurs Peter Reeve, co-founder of SolarCity, CEO of Aqualink and president of Sofar Ocean Technologies, and Pedro Bizarro , co-founder and chief scientist of Feedzai.

Thus, the fund completes its first closure with a core of investors who are in full agreement with the thesis of the fund, with sustainable and investment programs on a global scale in this area, accompanied by successful entrepreneurs who want to support and contribute to the sustainability of the oceans and climate action, which Faber hopes to leverage with additional investors to join the fund’s closed end by the end of 2022.

AI and climate and ocean data

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Faber combines a dedicated focus on early stage deep tech startups (pre-seed and seed) with thematic funds, teams and dedicated advisors who actively work with entrepreneurs to build global artificial intelligence (AI) and climate companies. and ocean data and technology.

The goal of the fund is to invest in a portfolio of 20-25 early stage companies that develop innovative high-tech solutions with global ambitions in areas such as blue biotechnology, food innovation, ocean clean-up technologies or the decarbonization of many industries. with a clear contribution to the achievement of UN Sustainable Development Goals 13 and 14.

The fund is managed by a dedicated investment team led by Rita Souza and Carlos Esteban (Partners) and Bruno Ferreira (Venture Partner) with extensive experience in investment, entrepreneurship and technology. The team will work closely with a network of experts, including strategic adviser Thiago Pitta e Cunha (CEO of the Oceano Azul Foundation) and scientific advisors Susana Moreira and Joana Moreira da Silva (science and innovation researchers at Ciimar), as well as with other scientists and industry representatives. experts.

At the time of the first closing, the specialized investment group (based between Lisbon and Barcelona) analyzed more than 600 start-ups from all over Europe, with a particular focus on those starting in the Iberian Peninsula or elsewhere. geographically and who are looking for a suitable partner to expand their activities in Portugal and thus take advantage of the conditions that the country offers to launch high-tech and innovative projects in the blue economy.

The fund’s first investment was in Fuelsave, a German cleantech company focused on the decarbonization of the marine industry, and Faber already has additional investments nearing completion and to be completed over the next few weeks.

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“We are proud to announce Faber Blue Pioneers I’s first major plan above the original goal with a remarkable group of investors who share our strong belief that science and entrepreneurs can accelerate innovation and have a positive impact on ocean and climate resilience. action. We are also very pleased to welcome Fuelsave to the fund’s portfolio as we believe its team will pave the way for the decarbonization of the maritime industry,” says Alexandre Barbosa, Managing Partner of Faber.

Faber is the first Iberian partner of 1000 Ocean Startups, a global coalition of incubators, accelerators, venture capital funds and other platforms dedicated to accelerating innovation with a positive impact on the oceans and supporting at least 1000 startups that are transforming the sustainability of the oceans, oceans and making a significant contribution to the Goal. United Nations in the field of sustainable development 14.

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