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Corporation
INDUSTRIAL | Construction
fageninc.com

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Founded Year

1988

About Fagen

Fagen designs and builds plants and industrial complexes for chemicals, refining, distilling, mining, water treatment, pharmaceuticals, and pulp and paper. Fagen's construction of ethanol distilleries has increased in recent years; it has so far built 75 of them in 17 states.

Fagen Headquarter Location

501 U.S. 212

Granite Falls, Minnesota, 56241,

United States

320-564-3324

Latest Fagen News

Blue Zebra's bosses weigh in on COVID-19 BI test case

Oct 26, 2021

| Insurance Business Australia Insurance lawyers say the Federal Court’s decision in the second COVID-19 business interruption (BI) test case is a win for insurance companies. In early October, Judge Jagot ruled that the insuring clauses in BI policies did not apply to COVID-19 related losses in all the cases before the court bar one. The judgement means that insurers may avoid paying out billions of dollars in claims. However, appeals will be heard in the second week of November and a final verdict could be many months away. “Unfortunately, but not unexpectedly, it looks like this is going to be delayed for some time when I think it’s in everyone’s interest to minimize the loss of revenue and get back to business,” said Mark Polglase (pictured above) chief underwriting officer for SMEs at underwriting agency Blue Zebra Insurance. Given the ongoing uncertainty, Blue Zebra’s managing director Colin Fagen (pictured below) said one positive is that most insurers have put money aside to cover economic impacts. “So, it shouldn’t be inflationary into the current costs or anything like that. That fact will probably help businesses in the next period because any inflation that feeds through from any insurance costs will hit businesses pretty hard,” he said. Polglase said it’s “universally acknowledged” that BI policies were never intended to cover pandemics but the decision is going to vary depending on the insurer. “It seems like every case is going to have to be treated on its merits, is the way I read the interpretation of the latest decision, so it’s going to drag for quite some time.” Fagen said Judge Jagot’s ruling does bring some clarity to the issue of BI policies and pandemic coverage. ”Where you’ve got cases that are very similar or fairly similar, yes, that helps and it probably helps the brokers advise their clients as well,” he said. Polglase said the test cases in the federal court have emphasized the importance of the fine print in insurance policies. “Even though the intent may be clear, the fine print part needs to be clarified around things like the incorrect references to acts, so that’s at least being overcome. We have some certainty around that part,” he said. Polglase sided with the judge in terms of her refusal to accept that the intent of the incorrect fine print in these BI policies should be enough. “When we concede that the fine print is incorrect or outdated but the intent is clear, we could actually have the effect of eroding public and community confidence in the industry if we’re relying on intent rather than fine print,” he said. How do Polglase and Fagen feel about the potentially many thousands of business owners who may not have any coverage for economic losses under BI policies? “It’s clearly an unforeseen situation and I think businesses are within their right to try and interpret the policy wording,” said Polglase. He said it’s a challenging situation for a business because they need to show a direct connection between COVID and their premises. “Each business has had a different capability to respond and react to the continuity of their businesses so it’s a case-by-case basis and I certainly don’t blame the businesses for exploring this option. It’s an opportunity to get themselves back up and running as quickly as they can,” he said. Fagen said BI cover can be a complex and uncertain area.

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Fagen Patents

Fagen has filed 1 patent.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

2/18/2008

1/29/2013

Transcription factors, Clusters of differentiation, Proteins, Molecular biology, Human proteins

Grant

Application Date

2/18/2008

Grant Date

1/29/2013

Title

Related Topics

Transcription factors, Clusters of differentiation, Proteins, Molecular biology, Human proteins

Status

Grant

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