Tag: loss of income

HSB Adds Social Media Income Coverage to Its Home Cyber Insurance

Happy Asian friends using mobile smart phone outdoor - Millennial young people addicted to new technologies trends and social media network - Concept of generation z, tech and youth lifestyle

Social media influencers who lose income because of a cyber-attack can now get insurance protection with personal cyber coverage from HSB, the company announced today. HSB Home Cyber Protection includes groundbreaking home cyber coverage for income lost by a social media influencer in a computer attack or takeover of a social media account. “Social influencers… Continue reading HSB Adds Social Media Income Coverage to Its Home Cyber Insurance

Politicians Push Insurers to Resolve Mounting Disputes Over Covid-19 Losses

Sorry we're CLOSED due to COVID-19. Foldable advertising poster on the street

Insurers are starting to take heat in Washington, D.C., over denials of claims for business income losses tied to government-ordered shutdowns. In a letter Monday viewed by The Wall Street Journal, U.S. Rep. Pramila Jayapal (D., Wash.) asked insurance chief executives to justify refusals to pay out on “business interruption” and related coverages in policies… Continue reading Politicians Push Insurers to Resolve Mounting Disputes Over Covid-19 Losses

Restaurant Industry Calls for Changes to Paycheck Protection Program

The restaurant industry is calling on Congress to make changes to the Paycheck Protection Program (PPP), as well as provide further funding to help struggling businesses during the coronavirus pandemic. National Restaurant Association wrote to congressional leaders on Thursday to ask for revised loan restrictions so that restaurants can spend 50 percent or more of… Continue reading Restaurant Industry Calls for Changes to Paycheck Protection Program

IATA: Coronavirus Impact on Airlines Could Reach $113 Billion

Young woman at the airport in Barcelona checking for the flight schedule

The International Air Transport Association now predicts the coronavirus will cause a much bigger loss in revenues for commercial airlines this year. IATA expects total revenue losses between $63 billion and $113 billion depending on the spread of the virus. The losses are much larger than the $30 billion estimated two weeks ago when the… Continue reading IATA: Coronavirus Impact on Airlines Could Reach $113 Billion

Virus Threatens to Unleash Lawsuits Against Global Business

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.

The coronavirus has upended markets, disrupted supply chains and forced quarantines. It’s all fertile ground for lawsuits. Hospitals, restaurants, day care centers, nursing homes and hotels may face claims that they didn’t take adequate steps to protect people. Shareholders can sue if companies fail to act effectively in response to the epidemic. Businesses are scrambling… Continue reading Virus Threatens to Unleash Lawsuits Against Global Business

Why Florence Is Dangerous for Insurers

A stormy view off the end of a fishing pier into the Atlantic Ocean. Rough seas are from the remnants of Hurricane Irma.

Some hurricanes are worse than others—both for people in the way and the insurance industry that tries to understand storms and put a price on their risks. Hurricane Florence is highly unusual both because of where it is heading and the storm surges and flooding it might bring. That could be painful for the industry… Continue reading Why Florence Is Dangerous for Insurers

Insurers Expect Significant Loss of Income Claims from Florence as Businesses Shut Down

Virginia Beach, Va. USA - August 27, 2011: Facing the destruction that a hurrican or tropical storm can cause. Store front covers windows with plywood to protect their business.

Days before Hurricane Florence is expected to slam into the U.S. East Coast, insurers are starting to see potential claims costs tick upward as people flee and companies halt operations. Evacuations, already affecting more than 1 million people in and around North Carolina, start the clock ticking on business-interruption insurance policies, which help replace lost… Continue reading Insurers Expect Significant Loss of Income Claims from Florence as Businesses Shut Down