Here’s a look back at Insurance Journal’s most read stories of 2020 for the East region, based on readership metrics:
1. Proposed N.J. Bill Would Require Insurers to Pay COVID-19 Business Interruption Claims
A proposed New Jersey bill in March aiming to create business interruption insurance coverage for COVID-19 related claims despite virus exclusions in many policies drew concern about the constitutionality of legislation like this.
2. Penn. High Court Deals Potential Blow To Carriers’ Denial Of Business Income Claims
The Pennsylvania Supreme Court issued a May ruling that raised questions about whether it potentially negated one of the insurance industry’s standard bases for denial of coverage of business income claims—i.e. that COVID-19 did not result in “direct physical loss to insured property.”
3. Despite Insurance Industry Concerns, More States Introduce COVID-19 BI Bills
New York and Pennsylvania in April followed New Jersey’s lead in proposing their own COVID-19 business interruption bills, bringing the total to seven states that introduced legislation like this, though none of the proposed bills have passed.
4. Massachusetts Joins Ohio, N.J. in Proposing COVID-19 Business Interruption Bill
Massachusetts was also one of the states that proposed legislation that would mandate insurers cover COVID-19 related business interruption claims despite virus exclusions in many policies, coming on the heels of legislators in New Jersey and Ohio proposing similar legislation.
5. Legal Sea Foods Restaurant Sues Over Business Losses Under Policy Issued March 1
A popular seafood restaurant chain that was shuttered by the coronavirus and restrictions on dining went to court in May to get its insurer to pay for its business interruption losses.
6. ‘Cancel for Any Reason’ Travel Policies Offered in New York as Coronavirus Spreads
Six global and national insurance companies agreed to offer ‘cancel for any reason’ travel policies in New York early in the pandemic after Governor Andrew Cuomo at the beginning of March confirmed initial cases of COVID-19 in the state.
7. Chubb Not Responsible for Superstorm Sandy Damage to Two Insureds’ Homes
A New Jersey appeals court in May upheld a trial court’s ruling that Chubb Insurance Co. is not responsible for damages to two insureds’ homes caused by Superstorm Sandy because of a flood exclusion in their policies.
8. Vermont-Domiciled Global Hawk Insurance Placed Into Liquidation
The Vermont Superior Court for Washington County has placed Global Hawk Insurance Company Risk Retention Group (Global Hawk RRG) into liquidation as of June 8, 2020.
9. NY Regs Ask Insurers for Details of Business Interruption Policies in Wake of COVID-19
The New York State Department of Financial Services (DFS) in March instructed insurers to submit details of business interruption policies that have been provided to insureds, as well as the coverage each policy offers regarding COVID-19.
10. Young Brokerage Founder Seeks to Target ‘Underserved’ High Net Worth Space
Hayden Kopser spoke to Insurance Journal about celebrating the first year in business for North Improvement, the New York and New Jersey-based boutique risk advisory and insurance brokerage he founded in order to fill gaps he observed in the high net worth space.
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