After receiving numerous complaints from businesses, public officials, and other stakeholders of certain insurance representatives attempting to dissuade business policyholders affected by COVID-19 from filing a notice of claim under its business interruption insurance coverage or refusing to open and investigate these claims upon receipt of a notice of claim, Insurance Commissioner Ricardo Lara and… Continue reading CA Commissioner Requires Insurance Companies to Fairly Investigate All BI Claims Caused by COVID-19
Tag: business interruption insurance
Trump: Insurance Companies Should Pay Out for Pandemic Claims
President Trump expressed frustration on Friday over insurance companies not paying their customers for business interruptions attributable to the coronavirus pandemic. “I would like to see the insurance companies pay if they need to pay — if it is fair,” said Trump during a coronavirus briefing at the White House on Friday. “They know what… Continue reading Trump: Insurance Companies Should Pay Out for Pandemic Claims
Monthly Loss of $431 Billion Spurs Insurance Claims Across U.S.
Barbara Snowden dreamed of opening a wig shop to help women who’d lost their hair during chemotherapy feel better as they battled cancer. In November, she beamed at the grand opening of Hair Goals Club in the Houston suburb of Humble, Texas. But four months later, her dream died when local officials ordered all non-essential… Continue reading Monthly Loss of $431 Billion Spurs Insurance Claims Across U.S.
Insurance Industry Warns Its Companies Not Built to Withstand ‘Catastrophic and Nearly Universal’ Losses
A group of associations that represent members of the insurance industry penned a letter to a pair of congressional lawmakers from California noting that its companies are not built to withstand pandemics such as the current coronavirus outbreak. “Insurance coverage works by spreading risk, but that model simply cannot account for a situation in which… Continue reading Insurance Industry Warns Its Companies Not Built to Withstand ‘Catastrophic and Nearly Universal’ Losses
China Offering COVID Coverage to Businesses
Insurance companies in China are taking on an unusual mission: They are promising to cover business losses from the coronavirus pandemic, as hundreds of millions of people return to work, and the country tries to rev up its economic engine. Since February, dozens of Chinese property-and-casualty insurers have rolled out new policies or expanded existing… Continue reading China Offering COVID Coverage to Businesses
COMMENTARY: Insurance Coverage for Business Losses Due to COVID-19
Intro by Larry Neilson, CEO, Neilson Marketing Services/ProgramBusiness.com: The coronavirus has created a scary and sometimes bleak outlook for us all. My career is defined by providing marketing services to the property and casualty insurance industry. The professional insurance people with whom I have had the pleasure to serve and work with through the years… Continue reading COMMENTARY: Insurance Coverage for Business Losses Due to COVID-19
The Battle Over Business Interruption Insurance Heats Up Amid COVID-19 Pandemic
Restaurateur and famed chef Thomas Keller of French Laundry has joined the ranks of businesses seeking a court judgment to confirm that his insurance company, The Hartford, will cover business losses in the wake of the coronavirus pandemic under his Business Interruption policy. The Keller Group owns about a dozen restaurants in New York, Las… Continue reading The Battle Over Business Interruption Insurance Heats Up Amid COVID-19 Pandemic
Insurance Commissioner Orders Insurance Data on BI Coverage to Assist California Small Businesses
On Thursday, Insurance Commissioner Ricardo Lara directed insurance companies to submit data to the California Department of Insurance regarding coverage of commercial business interruption related to COVID-19. The data will help state policymakers to understand the scope of insured and uninsured losses to businesses in order to help them recover and keep workers employed. “The… Continue reading Insurance Commissioner Orders Insurance Data on BI Coverage to Assist California Small Businesses
Ohio, Mass. Bills Join NJ in Aiming to Expand Companies’ Virus Coverage
Lawmakers in Ohio and Massachusetts have proposed bills that would retroactively expand business interruption insurance policies to cover companies’ losses attributable to the outbreak of the novel coronavirus, following on the heels of New Jersey legislators’ recent introduction of a similar proposal. On Tuesday, Ohio state Reps. Jeffrey Crossman and John M. Rogers, both Democrats,… Continue reading Ohio, Mass. Bills Join NJ in Aiming to Expand Companies’ Virus Coverage
Willis Towers Watson’s Risk and Analytics Develops New Feature that Tracks Pandemic Cases Against P&C Clients’ Global Assets
Willis Towers Watson, a leading global advisory, broking and solutions company, today launched a new, real-time, risk and analytics feature as part of its Global Peril Diagnostic modeling tool. The new feature provides up-to-date information on confirmed global COVID-19 cases alongside clients’ property total insured values by location. Notably, the feature enables clients to easily… Continue reading Willis Towers Watson’s Risk and Analytics Develops New Feature that Tracks Pandemic Cases Against P&C Clients’ Global Assets