The insurer Hiscox has agreed a settlement with a group of about 400 companies over business interruption losses suffered as a result of lockdowns during the Covid-19 crisis. Thousands of businesses tried to make claims with insurance companies at the start of the pandemic in 2020 but many refused to pay out. However, a test… Continue reading Insurer Hiscox Agrees to Settlement with Action Group Over COVID Losses
Tag: business interruption claims
Hiscox Tops List of Insurers Facing COVID Business Interruption Claims
Hiscox faces paying the out on the largest number of business interruption claims, according to data compiled by the Financial Conduct Authority (FCA). Hiscox has accepted 6,692 business interruption claims for Covid-19 losses and faces making a decision on whether another 3,122 pending claims are valid, data published by the FCA today shows. The insurance… Continue reading Hiscox Tops List of Insurers Facing COVID Business Interruption Claims
Travelers Ducks Counterclaims In Geragos COVID-19 Suit
A California federal judge has thrown out a set of counterclaims by Geragos & Geragos in its dispute with Travelers Casualty Insurance Co. of America over COVID-19 business interruption coverage, finding a virus exclusion in its policy bars coverage. In a Monday order, U.S. District Judge Philip S. Gutierrez dismissed with prejudice all four of… Continue reading Travelers Ducks Counterclaims In Geragos COVID-19 Suit
Despite No BI Coverage for Pandemics in Policies, Aviva Pays Out Claims
Despite the fact “95% of Aviva’s policies do not cover pandemics”, the insurer is still having to pay out for Covid-19-related business interruption (BI) claims that have been insured using wordings written by brokers, according Colm Holmes, the insurer’s UK chief executive for general insurance. He told Insurance Times: “From Aviva’s perspective, I think we… Continue reading Despite No BI Coverage for Pandemics in Policies, Aviva Pays Out Claims
Billionaire Ruffin Sues Insurers over Denied Treasure Island, Circus Circus Claims
Billionaire Phil Ruffin is suing two insurance companies that have denied claims filed for alleged damages at his Las Vegas Strip casino resorts. Treasure Island and Circus Circus, both owned by the real estate tycoon, have each filed claims with their respective insurance providers for financial damages related to the COVID-19 pandemic. The casino claims… Continue reading Billionaire Ruffin Sues Insurers over Denied Treasure Island, Circus Circus Claims
Coronavirus-Related Claims Push Specialty Insurer Argo into the Red
Claims for event cancellations and business interruptions due to the coronavirus outbreak led specialty insurer Argo Group International Holdings Ltd. to end the first quarter in the red. The Bermuda company, which maintains its U.S. headquarters in San Antonio where it employs about 200, reported Thursday that $26.2 million of $29.1 million in catastrophe losses… Continue reading Coronavirus-Related Claims Push Specialty Insurer Argo into the Red
Museums, Cultural Institutions in Fight Over COVID BI Claim Denials
When the museum and cultural world realized the extent of the impact on their revenue from the coronavirus pandemic, arts administrators began reaching out to their insurance agents to file business interruption claims. The Dance Theater of Harlem, for example, quickly filed a claim, arguing that New York’s shutdown of “nonessential” businesses had halted the… Continue reading Museums, Cultural Institutions in Fight Over COVID BI Claim Denials