As economic losses from the COVID-19 pandemic continue to mount, there has been much discussion about the potential availability of insurance, especially under Business Interruption policies. In 2006, ISO adopted a mandatory exclusion for its Business Interruption policies designed to preclude coverage for virus-related losses. The New Jersey Legislature is now trying to eliminate it.… Continue reading NJ Legislature Considering Bill to Force Insurers to Pay COVID-19 BI Claims Expressly Excluded by ISO’s “Virus” Exclusion
Tag: coronavirus
AIR Worldwide Estimates by End of March Coronavirus Deaths Globally Could Reach 10K-30K
According to catastrophe risk modeling firm AIR Worldwide, as of March 17, 147 countries, areas, or territories reported confirmed cases of COVID-19. The country most affected by the outbreak has been China, which has reported 82,007 cases and 3,338 deaths; however, China has also reported that the number of new cases there has continued to… Continue reading AIR Worldwide Estimates by End of March Coronavirus Deaths Globally Could Reach 10K-30K
NetVU Cancels Accelerate Conference Due to Coronavirus Pandemic
NetVU today announced that its annual Accelerate conference scheduled for April 29-May 2 in Minneapolis has been canceled due to recommendations of the CDC and local health officials for public gatherings. Accelerate is the premier learning and networking event for members of the independent agent and broker system who use Vertafore technology. “The health and… Continue reading NetVU Cancels Accelerate Conference Due to Coronavirus Pandemic
COVID-19 Pushes Hospitality Industry to the Edge: Key Considerations for Stakeholders
As reports of confirmed Coronavirus cases increase, travel bans and mass quarantines go into effect, and citizens across the globe avoid all nonessential travel, the hotel industry is being hard hit. Without exaggeration, owners, managers, and brands that were already struggling, and even those that were not, may face existential decisions. To aid in addressing… Continue reading COVID-19 Pushes Hospitality Industry to the Edge: Key Considerations for Stakeholders
Coronavirus Impact on Hospitality: Marriott Begins Furloughing Tens of Thousands of Employees
Marriott International Inc., the world’s largest hotel company with nearly 1.4 million rooms world-wide, said it is starting to furlough what it expects will be tens of thousands of employees as it ramps up hotel closings across the globe. The company began shutting down some of its managed properties last week, a Marriott spokeswoman said.… Continue reading Coronavirus Impact on Hospitality: Marriott Begins Furloughing Tens of Thousands of Employees
Coronavirus Upends Senior-Housing Business
The coronavirus has been sending shares of elder-care facilities into a tailspin over concern that any additional contagion in senior-care buildings could hurt operations and lead to occupancy declines. In the Seattle area, 11 elder-care facilities have reported that Covid-19 has turned up among residents or workers. Analysts and investors are concerned that potential new… Continue reading Coronavirus Upends Senior-Housing Business
AM Best to Develop COVID-19 Stress Tests for Reinsurers
Rating agency AM Best has revealed that it is in the process of developing stress testing that it will use to gauge the impact of the coronavirus (COVID-19) outbreak on its rated reinsurance companies. The tests will aim to measure the effect of the pandemic on reinsurers’ balance sheets, including on risk-adjusted capital levels, investment… Continue reading AM Best to Develop COVID-19 Stress Tests for Reinsurers
Amazon to Hire 100,000 Warehouse and Delivery Workers Amid Coronavirus Shutdowns
Amazon.com Inc. plans to hire an additional 100,000 employees in the U.S., according to a company spokesman, as people are turning to online deliveries at a breakneck pace to help contain the spread of the new coronavirus. Amazon plans to deploy the new workers to fuel e-commerce deliveries and is raising pay for these employees… Continue reading Amazon to Hire 100,000 Warehouse and Delivery Workers Amid Coronavirus Shutdowns
Trump Administration Seeking $850 Billion Stimulus Package
U.S. Treasury Secretary Steven Mnuchin is pitching Senate Republicans on a roughly $850 billion economic stimulus package, according to two people familiar with the matter, as the Trump administration works to craft more legislation to cushion the economic blow of the coronavirus pandemic. The proposal comes as lawmakers are weighing the next stages in the… Continue reading Trump Administration Seeking $850 Billion Stimulus Package
Coronavirus Causes Insurance Industry to Cancel Conferences, Events, and Corporate Trainings, MindMeld Studios Provides Solution
MindMeld Studios and myCEcourse.com announces the launch of their advanced virtual webinar services. With the outbreak of the Coronavirus (COVID-19), Event Coordinators and Insurance Leaders are scrambling to find ways to minimize the financial impact this virus is having. With travel restrictions in place and several major Insurance conferences cancelled or postponed in 2020, such… Continue reading Coronavirus Causes Insurance Industry to Cancel Conferences, Events, and Corporate Trainings, MindMeld Studios Provides Solution