Ahead of the 2024 Atlantic hurricane season, FloodFlash, the first insurance technology company to offer sensor-enabled parametric flood insurance, is launching a product to support business interruption (BI) coverage in the United States.
Tag: business interruption insurance
CAC Exec: Liability Fallout Will Take Years as Clean-up Begins for Baltimore Bridge Disaster
Insurance fallout from the collision of a container ship with the Francis Scott Key Bridge in Baltimore will take a decade or more to play out in the courts, said an executive with a commercial lines broker.
COVID-19 Business Interruption Lawsuits Making their Way to Jurors
Covid-19 shutdown lawsuits from businesses have reached a new stage: jury trials. Hundreds of cases have been decided in favor of insurers in the last year, supporting the carriers’ rejections of “business interruption” insurance claims. Many of those rulings have involved policies with virus-specific exclusions, which can make cases easier for judges to decide. However,… Continue reading COVID-19 Business Interruption Lawsuits Making their Way to Jurors
AXA Offers €300M to Settle with Restaurants Hit by COVID
AXA France has offered to pay a settlement of €300 million ($365 million) to 15,000 restaurant owners in France who were hit by the coronavirus pandemic as the insurer hopes to draw a line under a series of legal disputes over business interruption policies. The Paris-based company said the settlement was unprecedented but would enable… Continue reading AXA Offers €300M to Settle with Restaurants Hit by COVID
Nordstrom Sues Insurers for $25M Over Damages from Civil Unrest
Nordstrom Inc. says its insurers are trying to escape coverage for $25 million in losses its stores incurred nationwide during protests following George Floyd’s death last summer. The retail giant sued XL Insurance America Inc., Ace American Insurance Co. and three other insurers in the U.S. District Court for the Western District of Washington on… Continue reading Nordstrom Sues Insurers for $25M Over Damages from Civil Unrest
U.S. P&C Insurers See Record Losses from Texas Storms: Fitch
U.S. property/casualty insurers are expected to face record 1Q21 catastrophic losses due to extensive property damage from last week’s severe winter weather in Texas, Louisiana and other southern states. Extremely cold temperatures and ice are generating hundreds of thousands of claims from frozen/burst pipes, roof damage, power outages and lost business income that will pressure… Continue reading U.S. P&C Insurers See Record Losses from Texas Storms: Fitch
Rare Small-Business Win in Insurer Lawsuits Keeps Hope Alive for BI Payouts
Chef Matthew Kelly is one of the few restaurateurs who has fought property insurers over pandemic business restrictions and won. His establishments are part of a group of restaurants that a North Carolina state court sided with this fall. The insurer has appealed the decision, which found the plaintiffs were entitled to payouts under business-interruption… Continue reading Rare Small-Business Win in Insurer Lawsuits Keeps Hope Alive for BI Payouts
Insurer Appealing North Carolina Restaurant BI Claim Decision
The question of whether insurance companies can be held liable for COVID-19 losses has not yet been settled. A Durham court’s decision to grant a business interruption claim due to restaurant losses from pandemic restrictions has been appealed by the insurance company. Durham restaurant owners Matt Kelly and Giorgios Bakatsias won a lawsuit last month… Continue reading Insurer Appealing North Carolina Restaurant BI Claim Decision
U.S. Businesses Are Fighting Insurers in the Biggest Legal Battle of the Pandemic
John Houghtaling was working in the second-floor den of his mansion near the Garden District in New Orleans when a legal memo arrived in his email inbox. It was mid-March, not long before the pandemic shut down much of the U.S., and cooks in white aprons were downstairs preparing an extravagant dinner: lobster casserole, veal… Continue reading U.S. Businesses Are Fighting Insurers in the Biggest Legal Battle of the Pandemic
FCA BI Insurance Test Case Appeal Heads to Supreme Court
A test case brought by Britain’s markets regulator against some of the world’s biggest insurers will jump straight to the Supreme Court after London’s High Court agreed to a fast-track appeal on Friday. Although expedited, the appeal will further delay payouts on disputed claims for thousands of struggling businesses battered by the coronavirus pandemic, hoping… Continue reading FCA BI Insurance Test Case Appeal Heads to Supreme Court