AXA will meet the bulk of business interruption claims from some restaurant owners in France, it said on Tuesday, after losing a court case seen as a potential precedent for coronavirus-related disputes across the world. A Paris court ruled last week that AXA should pay a restaurant owner two months of revenue losses caused by… Continue reading French Restaurant Ruling Puts Coronavirus BI Claims on Global Menu
Tag: business interruption insurance
Triple-I’s CEO Tells Congress Global Pandemics Are Uninsurable
U.S. insurers serve as the nation’s financial first responders when natural disasters cause widespread property damage but insurers generally neither collect premiums for nor cover pandemic-caused losses, according to Sean Kevelighan, CEO, Insurance Information Institute (Triple-I). “An event like a global pandemic is uninsurable,” Kevelighan stated today, at a virtual forum hosted by the U.S.… Continue reading Triple-I’s CEO Tells Congress Global Pandemics Are Uninsurable
Legal Sea Foods Sues Insurer for Coronavirus BI Coverage
Legal Sea Foods is not takin no for an answer. The Boston-based restaurant chain is suing Strathmore Insurance Co. for rejecting its damages claim stemming from the coronavirus pandemic, alleging that its “all risks” policy covers financial losses after Massachusetts and other states ordered restaurants to close except for takeout service. The lawsuit, which was… Continue reading Legal Sea Foods Sues Insurer for Coronavirus BI Coverage
FERMA Forms Task Force to Address Cat Risk-Related BI Issues
The Federation of European Risk Management Associations (FERMA) today announces the launch of a taskforce to create proposals to address the issue of business interruption coverage for catastrophic risks. “Our aim is to support the creation of economies that are resilient in the face of systemic and catastrophe risks,” said the President of FERMA, Dirk… Continue reading FERMA Forms Task Force to Address Cat Risk-Related BI Issues
NJ Class Action Lawsuits Fight Denial of Business Interruption Coverage Over COVID-19
Insurers are facing lawsuits in New Jersey courts over the denial of business interruption coverage on behalf of establishments that lost revenue due to shelter-in-place policies prompted by the coronavirus pandemic. Three class action suits have been filed in the District of New Jersey in recent days on behalf of restaurants that were denied business… Continue reading NJ Class Action Lawsuits Fight Denial of Business Interruption Coverage Over COVID-19
Insurers Feel the Heat for Business Interruption Payouts
Daniel Duckett, owner of the Lazy Claire patisserie in Belfast, was hoping for an insurance payout of up to 100,000 pounds ($123,460.00) to cover losses during the coronavirus lockdown. Now he fears for the future as he battles for the compensation. Duckett is one of thousands who have called their insurers to claim on business… Continue reading Insurers Feel the Heat for Business Interruption Payouts
Pandemic Exclusions Challenged in Court
Lawsuits Filed for the Excluded Ever since the beginning of the coronavirus quarantine, businesses have been concerned to discover that their business insurance did not cover the damages sustained by the pandemic. Despite having to shut their doors entirely or transition to delivery at a substantial loss, their policies have are not designed to step… Continue reading Pandemic Exclusions Challenged in Court
Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Industry
Chubb Ltd. Chief Executive Officer Evan Greenberg has a stark warning for policy makers pushing insurers to pay out some uncovered business-interruption losses. “The insurance industry is a fundamental part of the economic plumbing of this country,” Greenberg said in an interview Thursday. Forcing insurers to foot the bill for losses not covered by policies… Continue reading Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Industry
Hiscox Believes Its Business Interruption Exposure to COVID-19 Limited in Europe, U.S.
Hiscox Ltd on Wednesday clarified that its insurance policy wordings do not provide cover for business interruption resulting from UK government actions in response to Covid-19, however, the company is “proactively” paying claims made by businesses. The FTSE 250-listed insurer believes its business interruption exposure to Covid-19 is limited in Europe and that it has… Continue reading Hiscox Believes Its Business Interruption Exposure to COVID-19 Limited in Europe, U.S.
Businessowners Gear Up for a Fight with Insurers Over BI Claims
Erik Baylis’ eight Chicago bars and restaurants have been closed since Illinois barred in-person dining starting on St. Patrick’s Day, smack in the middle of what he says is typically the most lucrative month of the year. Baylis, who furloughed his 450-plus employees, assumed an insurance policy would cover some of his losses during the… Continue reading Businessowners Gear Up for a Fight with Insurers Over BI Claims