covid-19 business interruption News

U.S. Supreme Court Refuses to Hear COVID Business Interruption Case

The US Supreme Court decided Monday that it will not hear an appeal of a decision that denied coverage for losses caused by COVID-19 shutdown orders, effectively closing the last door for such claims in the federal court system. The …

UK Business Closures Jump 14% as Pandemic Takes Brutal Toll on Small Firms

Business closures in the UK jumped by 14% from a year ago in the fourth quarter as the coronavirus pandemic took a brutal toll. Almost every industrial group saw the number of closures rise, with the transport and storage sector …

Owners of High-End London Restaurants Sue AXA Over Failure to Pay COVID Claims

The owners of high-end London restaurants The Wolseley and The Delaunay sued AXA Insurance UK Plc for as much as 4 million pounds ($5.4 million) over its failure to pay out on claims linked to the coronavirus lockdowns. Lawyers for …

UK Hospitality Groups Are Back in Court With Insurers Over Lockdown Losses

Some of the world’s biggest insurers are bracing as a second wave of multi-million-pound lawsuits, brought by struggling British pubs, restaurants and bakery chains over lockdown losses, starts hitting London’s courts next week. Zurich, MS Amlin, Liberty Mutual, Allianz and …

Missouri Judge Rules in Favor of Insurer in COVID-19 Business-Interruption Claim

A Kansas City jury decided in favor of the insurer in the nation’s first jury trail of a lawsuit that sought coverage for business-interruption losses caused by the coronavirus. The jury for the U.S. District Court for Western Missouri on …

S. Africa Insurer Santam Loses Appeal in COVID-19 Business Income Case With Hotelier

JOHANNESBURG – South Africa’s Supreme Court of Appeal has ruled Santam is liable to cover the impact of COVID-19 restrictions on hotel group Ma-Afrika for 18 months, rejecting the insurer’s request for a shorter time frame on the claim, Santam …

Insurer Lessons From UK Court Ruling on Business Interruption: Put Customers First

COVID-19 has led to the disruption of millions of businesses around the UK, particularly for SMEs who have been beset by an average of £130,000 in late payments. However, the Supreme Court ruling in January provided business owners with much …

We Can Work It Out: Negotiations Likely on COVID-19 Reinsurance Losses

Catastrophe excess of loss reinsurance contracts “never anticipated an event like a pandemic,” but cedents can still expect compromises from their reinsurers, an industry executive said Thursday. While cedents and reinsurers may often disagree about how the reinsurance contracts apply, …

AXA Offers €300M to Settle COVID-19-Related BI Claims for French Restaurant Owners

AXA has offered a settlement to 15,000 French restaurant owners that purchased non-damage business interruption insurance after previously denying coverage during the 2020 COVID-19 lockdowns. AXA estimates the cost of these settlements will be approximately €300 million (US$365.5 million) before …

Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims

Top insurance companies, ordered by Britain’s highest court to pay thousands of small businesses millions of pounds in claims for COVID-19 disruption, are facing a battle with reinsurers over who should foot the bill, industry sources said. Bars, beauty parlors, …