Tag: COVID-19 BI claims

Department Store Century 21 Files Bankruptcy, Shuts Down After BI Claim Denials

Red closed sign with written in it: "Going out of business".

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

Ralph Lauren Sues Insurer for $700M in Coronavirus-Related Coverage

Mandatory closures

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

Houston Rockets Sue FM Global Over Denied COVID-19 BI Loss Claims

A close-up view looking up at an orange basketball falling through the rim and a white nylon net with the arena lights and lens flare in the background.

The Houston Rockets and billionaire owner Tilman Fertitta are suing their insurer for denying the National Basketball Association team’s bid to tap its business-interruption insurance policy over revenue losses from the Covid-19 pandemic. Fertitta’s Rocket Ball Ltd. and Clutch City Sports & Entertainment L.P., the respective holding companies for the team and Toyota Center where… Continue reading Houston Rockets Sue FM Global Over Denied COVID-19 BI Loss Claims

Businessowners Gear Up for a Fight with Insurers Over BI Claims

shot of store closed sign

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

Forced BI Claims A Concern, Cancellation Lines to Suffer from COVID-19: Survey Results

Microscopic illustration of the spreading 2019 corona virus that was discovered in Wuhan, China. The image is an artisic but scientific interpretation, with all relevant surface details of this particular virus in place, including Spike Glycoproteins, Hemagglutinin-esterase, E- and M-Proteins and Envelope.

As the COVID-19 coronavirus pandemic continues to unfold, Reinsurance News has collaborated with ILS focused sister-site Artemis to take the pulse of the global reinsurance market at this unprecedented and challenging time. The COVID-19 Market Survey includes responses from hundreds of identifiable market participants, of which more than half have responsibility for, or provide input… Continue reading Forced BI Claims A Concern, Cancellation Lines to Suffer from COVID-19: Survey Results