coronavirus business interruption News

This Insurance Would Have Helped in Coronavirus Crisis But Nobody Bought It

Like everyone else, Peter Lacovara is coping with COVID-19, working at home to limit contagion to the coronavirus and stay healthy. He’s also plugging away trying to keep businesses healthy, as well. In his role as a senior vice president …

How Social Inflation May Affect Coronavirus Business Interruption Losses

COVID-19 could produce a big increase in social inflation, according to A.M. Best. The reason: expectations that businesses will sue their insurers in an attempt to access their business interruption coverage for losses relating to the coronavirus pandemic. A.M. Best …

P/C Insurers Put a Price Tag on Uncovered Coronavirus Business Interruption Losses

The property/casualty industry estimates that business interruption losses from the coronavirus just for small businesses in the U.S. could be between $220-$383 billion per month — or a quarter to half of the total industry surplus available to pay all …

From Free Coverage to Medical Masks. P/C Insurers Deliver Some Good News.

While the property/casualty insurance industry is fighting attempts to force it to pay for the huge business income losses that it says most policies were never intended to cover, some individual insurers are finding small ways to assist the businesses …

Restaurateur Sues The Hartford, Seeking Coverage for Coronavirus Business Interruption

A well-known California restaurateur has filed a lawsuit against a unit of The Hartford, seeking a declaration that the owner’s commercial insurance policy covers losses caused by a statewide business shutdown ordered to prevent the spread of coronavirus. The lawsuit, …

U.S. Lawsuit Wants China to Pay for Business Income Losses from Coronavirus

An attorney who represented victims of the Las Vegas shooting massacre has filed a federal lawsuit against China’s government over the new coronavirus, saying that officials hid information about the outbreak and that U.S. small businesses should receive billions of …

How Policy Silence on Pandemics May Bedevil Insurers on Coronavirus Claims

Silence may be deadly for property/casualty insurers writing commercial insurance, an executive of an insurtech that specializes in analyzing insurance policy language suggested recently, explaining that without specific words addressing pandemic risks, insurers might face claims down the road. In …

Casino Gambles on Coronavirus Business Interruption Lawsuit Against Lloyd’s, AIG, XL

A Native American tribe on Tuesday sued a group of insurance companies, asking a court to declare that losses it is incurring from shutting down its casinos during the coronavirus pandemic are covered by insurance. Among the defendants named in …

Commentary: Does Business Income Insurance Cover Coronavirus Shutdowns?

On March 16, a lawsuit was filed in district court in New Orleans seeking a declaratory judgment about whether the business income coverage in a Lloyd’s property policy would cover a government-mandated shutdown or curtailment of a restaurant due to …

Pressure Builds on Insurers to Be Part of Coronavirus Business Solution

While legislators in Washington and states try to fashion financial relief for businesses interrupted by the public health actions related to coronavirus, outside pressure is mounting on private property/casualty commercial insurers to do more than explain why insurance coverage is …