business interruption claims News

Insurers Say Michigan COVID-19 Business Interruption Ruling Not a Knockout Blow

A recent ruling from a Michigan judge that business interruption claims payouts require tangible alteration to a property may have sounded like a knockout win for the insurance industry but a legal expert has a slightly different take. Tom Baker, …

Bank of England Worried About Business Interruption Insurance Claims

LONDON — The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses …

Viewpoint: Rulings on COVID-19 Closure Orders May Impact Business Interruption Claims

Business closure and stay-at-home orders have faced legal challenges based on putative Constitutional claims across several states. Several decisions have now been issued that construe the legal authority of state government to required closure of businesses and/or compel prospective customers …

U.S. Lawmaker Wants Insurers, Govt to Share Future Pandemic Business Losses

U.S. legislation introduced on Tuesday would create a taxpayer-backed insurance program to protect businesses from revenue losses during future pandemics and require insurers to pay a slice of the claims. The legislation, introduced by Rep. Carolyn Maloney, a Democrat from …

Business People: ClaimsXChange, Aon Global Risk, Core Group

New Nonprofit Organization Formed for Claims Pros Sydney Posner, formerly the chief relationship officer for Claims and Litigation Management, is forming her own nonprofit education and networking group for insurance claims professionals. Posner was appointed on Nov. 5 as executive …

Spotting Fraudulent Business Interruption Claims

Insurance – in any form, whether business, medical, workers’ compensation or auto – is the “safety net” that protects individuals and companies in case of damage, theft, injury, illness or loss. Fire, floods, earthquakes, tornadoes – even unanticipated freak accidents …

Insurers Consider Florence Claims Costs

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 …

U.S. Freeze Costs $3.5B, Causes Burst Pipes, Crashes: Aon

Winter storms that brought heavy snowfall, freezing rain and Arctic air to the U.S. last month will probably cost more than $3.5 billion in economic losses, according to insurance broker Aon Plc. Insurers estimated losses of more than $1.4 billion …

Entrepreneurs’ ‘Can-Do’ Attitudes Pose Risks to Their Small Businesses

The “can-do” attitude that makes many entrepreneurs so successful, could also be their Achilles’ heel, according to a new survey released by Hiscox, an international specialist insurer. Research found that despite 64 percent of small business owners who felt legal …

One Week of Storms Caused 93 Percent of Alabama’s 2011 Insured Cat Losses

Almost $3 billion of the $3.2 billion Alabama insurers paid out to their auto, home and business policyholders in 2011 for catastrophe losses can be traced directly to the tornadoes, hail and thunderstorms that swept through the state between April …