Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that’s accelerated during the pandemic. The retailer will hold going out of business sales at its 13 stores in New York, New Jersey, Pennsylvania and Florida, according… Continue reading Department Store Century 21 Files Bankruptcy, Shuts Down After BI Claim Denials
Tag: business interruption insurance
Travelers Defeats LA Eatery’s Bid for COVID-19 Coverage
The Travelers Indemnity Co. of Connecticut needn’t cover a downtown Los Angeles restaurant’s claims stemming from the COVID-19 pandemic, a California federal judge ruled Friday, finding that the Mediterranean eatery hasn’t shown that it is entitled to coverage under the policy as it hasn’t suffered any “direct physical loss or damage.” 10e claimed in its… Continue reading Travelers Defeats LA Eatery’s Bid for COVID-19 Coverage
Delayed Insurance Payouts Following Looting Worry Chicago Business Owners
As smaller restaurants and shops in Chicago try to rebuild after a resurgence in looting this month, they face another potential setback: delays from the rush of insurance claims and the prospect of much higher premiums next year. Some owners say they have yet to receive insurance payouts 2½ months after the late May and… Continue reading Delayed Insurance Payouts Following Looting Worry Chicago Business Owners
Ralph Lauren Sues Insurer for $700M in Coronavirus-Related Coverage
Ralph Lauren Corp. wants its insurer to pay up. The brand was hit hard by the coronavirus pandemic, like just about every other fashion business, and saw first-quarter losses of $112 million as consumer culture was upended. Revenue is down 66 percent overall, compared to last year, and wholesale business has nearly evaporated, down 93… Continue reading Ralph Lauren Sues Insurer for $700M in Coronavirus-Related Coverage
DC Judge Rules Against Restaurant Group for BI COVID-Related Coverage
A District of Columbia judge on Thursday shot down a bid by a group of restaurants in the area to get coverage for business interruptions during the COVID-19 pandemic, ruling that government shutdown orders don’t constitute a “direct physical loss” that triggers the policy. Superior Court Judge Kelly A. Higashi sided with Erie Insurance Exchange… Continue reading DC Judge Rules Against Restaurant Group for BI COVID-Related Coverage
Michigan Judge Rejects Restaurant Claim Over Business Interruption Coverage
A court in Lansing Michigan has rejected a claim lodged by a restaurant company, Gavrilides Management Co, who wanted a payout after Covid-19 restrictions closed their business. The commercial policy that was in place specifically excluded virus emergencies and basically covered damage to the building itself from fire, flood etc. The US and the UK… Continue reading Michigan Judge Rejects Restaurant Claim Over Business Interruption Coverage
U.S. Insurers Say Coronavirus Is an Unprecedented Event
U.S. property and casualty insurers have cast the coronavirus pandemic as an unprecedented event whose massive cost to small businesses they are neither able nor required to cover. The industry has warned it could cost them $255 billion to $431 billion a month if they are required, as some states are proposing, to compensate firms… Continue reading U.S. Insurers Say Coronavirus Is an Unprecedented Event
Businesses Hurt First by Virus then Looting Sweat Insurance
Al’s, a sporting-goods store tucked in Wilmington, Delaware’s small shopping district, opened during the Great Depression, weathered World War II and has been able to keep workers on the job during the coronavirus pandemic. But this past weekend delivered a new challenge. Owner Bob Hart closed the 17,000-square-foot shop at 4 p.m. Saturday as protesters… Continue reading Businesses Hurt First by Virus then Looting Sweat Insurance
RIMS Backs Pandemic Risk Insurance Act
RIMS, the Risk Management Society®, has announced its support for H.R. 7011 the Pandemic Risk Insurance Act of 2020 (PRIA) that was introduced by Congresswoman Carolyn Maloney (D-NY) in May. Reviewed by RIMS External Affairs Committee, the proposed legislation will effectively create a Federal program that provides a transparent system of shared public and private… Continue reading RIMS Backs Pandemic Risk Insurance Act
Times Square Billboards to Go Dark in Support of Struggling Businesses
The iconic billboards in Times Square will go dark for a minute Wednesday night to shine a light on the struggling restaurants, hospitality businesses and nonprofits amid the coronavirus pandemic, according to the Times Square Alliance. More than 100 million pixels will be darkened at 9 p.m. at 46th Street and Broadway and the corner… Continue reading Times Square Billboards to Go Dark in Support of Struggling Businesses