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, they offer businesses from …
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 earlier promise from CEO Evan Greenberg. Documents shared with Carrier Management …
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 caused by …
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 idea. Although the text of H.R. 7412, the …
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 business interruptions caused by the coronavirus pandemic. …
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 coronavirus closure order. …
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 another pandemic, a global cyber attack or a solar …
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 firm Insurance Claims Africa (ICA) is …
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 result of the coronavirus pandemic, according to …
Insurers are set to argue against paying out fully on claims made by businesses forced to shut because of the pandemic, saying that shops in Sweden lost money even without a strict lockdown. The strategy was raised at the first …
