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
Tag: virus exclusion
Restaurateurs Form BIG to Fight for COVID Business Interruption Coverage
Several famous chefs have formed the non-profit organization BIG (Business Interruption Group), calling for the insurance industry to pay for business losses caused by the coronavirus. The group of chefs includes Thomas Keller (of famed French Laundry in Napa), Wolfgang Puck, Daniel Boulud, Jean-George Vongerichten, Jerome Bocuse, Dominque Crenn and Edouardo Jordan. The claim by… Continue reading Restaurateurs Form BIG to Fight for COVID Business Interruption Coverage
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
Insurers Facing Political Pressure Over Coronvirus Claim Denials
Insurers are increasingly facing political pressure to pay what could be an enormous sum in coronavirus claims — even though many carriers state their insurance policies exclude pandemics. Anger on Capitol Hill is growing over moves by insurers to deny claims being filed by restaurants, retailers and other businesses that believed they had coverage to… Continue reading Insurers Facing Political Pressure Over Coronvirus Claim Denials
Why the Push-Back on Business Interruption Insurance?
Widespread Interruptions As the national effort ramps up to arrest the spread of COVID-19, the infamous coronavirus, many small businesses are facing tough times. The government has recommended restricting gatherings to fewer than 10 people and urged restaurants and the like not to serve food on the premises, but only to do so through take-out… Continue reading Why the Push-Back on Business Interruption Insurance?