Latest Business Interruption Headlines
All the headlines from our Business Interruption Topic Page, ordered by recency.
COVID-19 Clouding Cannabis Industry Pitfalls Amid Upbeat Outlook
May 18 2020 // The cannabis industry is being affected by COVID-19 much like other business sectors, but the complexities of this budding industry make its eventual recovery from the pandemic and ensuing economic fallout even harder to...
California Music Venues Sue Insurer over Business Interruption Related to COVID-19
May 15 2020 // San Francisco Bay Area-based music venue Ivy Room has filed a class action lawsuit on behalf of California-based music venues against a major insurance provider, saying the venues were wrongfully denied coverage for losses...
Business Interruption Claimants Like How Some Localities Worded Emergency Orders
May 15 2020 // Cities and counties across the country may have handed plaintiff’s attorneys an argument to use in lawsuits against insurers that seek business-interruption coverage for losses caused by coronavirus closure...
Zurich Insurance Estimates Coronavirus Pandemic Claims to Hit $750 Million for 2020
May 14 2020 // Zurich Insurance estimates that the overall property and casualty (P&C) claims from the COVID-19 pandemic will be in the region of $750 million for 2020. To put that into context, Zurich’s CFO George Quinn said...
Fitch Sees Little Stress on Insurer Ratings From Pandemic. Thus Far.
May 14 2020 // Having reviewed 70% of all of the North American insurers it rates for the effects of the coronavirus and economic downturn, Fitch Ratings has affirmed the ratings of 72% of the carriers with stable outlooks. Only 4% have...
California Retailer Sues Travelers for Denied COVID-19 Business Interruption Claims
May 12 2020 // San Francisco-based children’s clothing boutique Mudpie Inc. has filed a class action lawsuit on behalf of California-based retail stores against an insurance provider, saying the small businesses were wrongfully...
UK Regulator Seeks Court Review in July to Resolve COVID-19 Insurance Dispute
May 8 2020 // Britain’s Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The Hiscox Action Group,...
FERMA Forms Task Force to Find Solution for Non-Damage BI Cover – Such as Pandemic
May 7 2020 // The Federation of European Risk Management Associations (FERMA) announced the launch of a task force to create proposals to address the issue of business interruption coverage for catastrophic risks. “Our aim is to...
Viewpoint: Insurance Denials, Proposed Legislation Raise Concerns
May 6 2020 // The arrival and spread of COVID-19 has had significant and far-reaching social and economic impacts upon individuals and businesses throughout the United States. In an effort to curtail the spread of the virus, local and...
Business Income, COVID-19, and Plaintiff Attorneys: They Keep Trying
May 6 2020 // “I think there was an attempt to dissuade the public from filing these claims and to shape the public opinion that this was not property damage,” said Steven C. Marks, managing partner at Miami-based Podhurst...
Transparency Is Key for Insurance Agents Handling Coronavirus Claims
May 6 2020 // Business interruption insurance has been a much-debated topic during the coronavirus crisis, with some businesses already pushing back against virus-related claim denials. In several cities, groups of businesses have filed...
Legal Sea Foods Restaurant Sues Over Business Losses Under Policy Issued March 1
May 6 2020 // A popular seafood restaurant chain that has been shuttered by the coronavirus and restrictions on dining has gone to court to get its insurer to pay for its business interruption losses. It believes its insurer is...
Berkshire Discloses Q1 Insurance Results; Buffett Talks Coronavirus Impact
May 4 2020 // Berkshire Hathaway’s property/casualty insurance and reinsurance businesses reported a first quarter underwriting profit of $747 million before taxes, nearly double the pretax underwriting profit of $377 million...
S&P Expects States to Lose Bids to Mandate Coronavirus Business Interruption Coverage
May 4 2020 // Standard & Poor’s said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses. The reason: An expectations of...
UK Regulator Wants Courts to Clarify Wording of Disputed Business Interruption Policies
May 1 2020 // Britain’s financial watchdog said on Friday it would urgently ask the courts to clarify uncertainty over whether businesses can claim compensation for disruption caused by the coronavirus pandemic. The Financial...
Penn. High Court Deals Potential Blow To Carriers’ Denial Of Business Income Claims
May 1 2020 // In a case where no insurance company or insurance claim was involved, the Pennsylvania Supreme Court issued a ruling that could potentially negate one of the insurance industry’s standard bases for denial of coverage...
Markel Estimates COVID-19 Losses of $325 Million
Apr 30 2020 // Diverging from strategies of some competitors, Markel Corp. established a big reserve for a chunk of its potential COVID-19 exposure for the entire year—putting up $325 million for direct potential losses. The holding...
Hiscox Action Group Gears Up to Take Hiscox to Court over COVID-19 BI Exclusions
Apr 29 2020 // Angry Hiscox policyholders have formed an action group in the UK to fight Hiscox’s pandemic exclusions to its commercial business interruption policies. More than 300 UK policyholders have joined the Hiscox Action...
Analysis: Insurers Feel Rising Legal Heat for COVID-19 Business Interruption Exclusions
Apr 28 2020 // Daniel Duckett, owner of the Lazy Claire patisserie in Belfast, was hoping for an insurance payout of up to 100,000 pounds ($123,460.00) to cover losses during the coronavirus lockdown. Now he fears for the future as he...
Coronavirus Business Interruption Insurance Claimants Seek to Consolidate Lawsuits
Apr 27 2020 // Two groups of plaintiffs — one in Philadelphia, the other in Chicago — are asking federal courts to consolidate lawsuits filed by businesses that are seeking coverage for business-interruption losses they claim are...
