Physical Damage News

CCC: Surge in Gas Prices Won’t Curb Rising Auto Claims Costs

Elevated prices for replacement parts and a shortage of technicians are among the factors that will likely offset any decrease in auto claim frequency caused by the surge in gasoline prices, according to a report released Monday by CCC Intelligent …

Sanctions Tighten Screws on Russia’s Sovcomflot as Ship Insurers Cut Cover

LONDON –– Western ship insurers are terminating cover for Russia’s leading shipping company Sovcomflot as multiple sanctions start to bite, companies involved say, adding to the growing challenges for the state-owned company and Moscow’s efforts to export oil and gas. …

Ohio High Court Hears Lawsuit Over Company’s COVID Losses

COLUMBUS, Ohio (AP) — An Ohio business says its insurance company must compensate it for financial losses suffered during a pandemic-related shutdown. The insurance company refused to pay, saying its policy didn’t cover such losses. The Ohio Supreme Court heard …

Plaintiffs in Some States Defy Insurer Winning Streak in COVID Lawsuits

To anyone keeping score, it appears that insurers are crushing policyholders who sued for business income lost because of COVID-19 restrictions. As of Tuesday, insurers had won 147 motions for dismal or summary judgment in state and federal courts, according …

Insurer Defeats California Restaurant’s Coronavirus Business Loss Claim

A federal court in California has dismissed a lawsuit filed by a Los Angeles restaurant seeking business interruption losses from Travelers Indemnity due to coronavirus-related restrictions on its business. Judge Stephen Wilson of the U.S. District Court for Central California …

From Africa to America, Businesses and Insurers Face Survival Showdowns

PILANESBERG NATIONAL PARK, South Africa — W ynand du Toit’s safari camp in South Africa’s Pilanesberg National Park lies abandoned, its tents ripped open by baboons and its survival in the balance after his insurer rejected his COVID-19 claim. In …

Federal Judge Denies Bid to Remove COVID-19 Business Interruption Suit

A federal judge in California disappointed a law firm suing Travelers Insurance over coronavirus lockdown related business interruption claims in refusing to remove its case to state court and denying its request for a dismissal or stay of a countersuit …

Legislation to Force Insurers to Pay COVID-19 Claims Stalls as Virus Rages

California legislation that would have forced insurers to pay more coronavirus business-interruption claims was put on hold last week when state lawmakers decided not to return from their summer recess because of a resurgence of the disease. Assembly Bill 1552 …

Subrogating Rental Car Company Physical Damage and Loss-of-Use Claims

Automobile rentals is a $29 billion industry and constitutes a significant portion of the transport sector in America. In 2018, there were 2,212,925 rental vehicles on U.S roads. There are six million auto accidents in the U.S. every year, and …

Native American Casino Owner Sues Lloyd’s, AIG Over Coronavirus Losses

A Native American tribe on Tuesday sued a group of insurance companies, asking a court to declare that losses it is incurring from shutting down its casinos during the coronavirus pandemic are covered by insurance. Among the defendants named in …