Latest Business Interruption Headlines
All the headlines from our Business Interruption Topic Page, ordered by recency.
Insurers Are Creating Products for World Where Pandemics Could Become New Norm
Jul 10 2020 // Insurers are creating products for a world where virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis. While new pandemic-proof policies might not be cheap,...
Chubb Unveils Public-Private Program for Pandemic Business Interruption
Jul 9 2020 // Chubb unveiled a proposal for the insurance industry and federal government to partner on covering future pandemic-related business interruptions—and to get money to small businesses quickly—following through on an...
Biggest Uncertainty for UK Insurers Remains Around Business Interruption Claims: BoE
Jul 9 2020 // The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses...
Coronavirus Business Interruption Claimants Lay Out Federal Plan to Reimburse Insurers
Jul 9 2020 // A U.S. lawmaker has introduced a bill that would allow insurers to voluntarily pay certain COVID-related business interruption claims and get reimbursed by the federal government, but insurance groups have rejected the...
What ‘Follow the Fortunes’ Means for COVID-19 Reinsurance Claims
Jul 8 2020 // How reinsurers will respond when cedents pay their insureds for COVID-related business interruptions remains an open question, legal and insurance professionals suggested recently, adding more wrinkles to an already...
New Business Interruption Insurance Class Action Launched in Canada
Jul 7 2020 // Koskie Minsky LLP and the Merchant Law Group have launched a proposed national class action lawsuit alleging that Canadian insurance companies have breached their contracts with business owners by refusing to pay for...
State Judge Rejects Michigan Restaurants’ COVID-19 Business Interruption Claim
Jul 7 2020 // A trial court judge in Lansing, Michigan handed a victory to insurers in what may be the nation’s first final ruling on the question of whether a property insurer is liable for financial damages caused by a...
How to Reduce the Expense of cyber business interruption
Jul 6 2020 // According to the IBM “Cost of a Data Breach Report, 2019”, business interruption (BI) represents 36% of the cost of a cyber breach, averaging a whopping $1.42 million per breach. The report states that, for the...
Insurer Group Warns About California Bill Mandating Business Interruption Coverage
Jul 2 2020 // The American Property Casualty Insurance Association is opposing legislation that would create a rebuttable presumption that the COVID-19 virus caused property damage triggering business interruption coverage in commercial...
How to Prepare for the Next ‘Black-Swan’ Event? Lloyd’s Has Some Suggestions.
Jul 2 2020 // Lloyd’s of London is proposing solutions that could provide customers with greater protection against a future wave of the COVID-19 virus or future systemic – “black swan” – catastrophes, such as...
S. African Insurers Are Pushed to Pay COVID-19 Business Interruption Claims
Jul 2 2020 // Virus-related claims from just over 500 small South African firms battling insurers who have rejected them are worth up to 4 billion rand ($232 million), the firm representing the businesses has calculated. Loss adjustment...
Minor League Baseball Teams Sue Insurers for Coronavirus Business Income Losses
Jun 24 2020 // Fifteen U.S. minor league baseball teams on Tuesday sued several insurers for not paying out claims for business interruption losses after the cancellation of “much or all” of the league’s season as a...
Insurer Counters Income Loss Claims by Arguing Restaurants Operated Takeout Service
Jun 18 2020 // An insurer fighting business income claims from restaurants is arguing in part that there is no coverage because businesses were allowed to provide takeout and delivery service during lockdowns. Society Insurance, based in...
Reassuring Customers Part of Job for Minnesota Agent in Aftermath of Riots
Jun 15 2020 // Dan Gutlovics did a lot of virtual hand holding during the first days of the violent protests in Minneapolis and St. Paul following the death of George Floyd while in the custody of Minneapolis police on May 25. Gutlovics,...
The Debate Between Business Owners, Insurers Over Business Interruption Claims Continues
Jun 15 2020 // As the insurance industry faces litigation and questions over virus-related claim denials, it could soon be dealing with another business income hurdle due to the civil unrest that has taken place in many U.S. cities...
How COVID-19 Will Change Insurance Sales
Jun 15 2020 // An agent who is a client of mine asked me, “Do you really think any business owner is truly happy with their agent or insurance company today?” Good question. Having to tell the public over and over and over,...
Some Question Insurers’ Estimates of Coronavirus Business Interruption Claims
Jun 12 2020 // U.S. property and casualty insurers have cast the coronavirus pandemic as an unprecedented event whose massive cost to small businesses they are neither able nor required to cover. The industry has warned it could cost...
Global Insurers Pulled into Epicenter of COVID-19 Crisis, Firmly in Uncharted Territory
Jun 10 2020 // Roger Federer and Rafael Nadal locked in spell-binding battle. Paul McCartney sharing a stage with Kendrick Lamar and Taylor Swift. The long-awaited 32nd Olympic Games. The list of canned crowd-thrillers that were planned...
The BIG Idea for Business Interruption Coverage: What It Is and Isn’t
Jun 10 2020 // Good faith coverage disputes over pandemic-related business interruption coverage don’t have to be fought out in courts, and retroactive rewrites of business interruption coverage language are unfair, according to a...
S&P Pegs Coronavirus Losses at $15-$30B. Chief Risk Officers Think That’s Low.
Jun 9 2020 // Analysts for Standard & Poor’s Global Ratings shared a view that U.S. underwriting losses from COVID-19 would fall in the $15-$30 billion range. However, risk officers speaking at a rating agency conference last...
