Canadian Underwriter

Topic Business Interruption

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Why Swiss Re expects a bounceback of P&C premiums in 2021

July 9, 2020 by David Gambrill

Facing a global recession thought to be the deepest since the Great Depression of the 1930s, the global P&C insurance industry can expect premiums to contract by 0.1% in 2020, before rebounding alongside the economy in 2021, a new Swiss

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The Aviva contagious disease policy wording at issue in class action BI coverage dispute

July 8, 2020 by Greg Meckbach

The question of whether non-essential businesses that closed during the pandemic are entitled to claim insurance – specifically, for cover arising as a direct result of an outbreak of contagious or infectious disease within 25 kilometres that is required by

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Lloyd’s proposes “open source” frameworks for future pandemic coverage

July 6, 2020 by David Gambrill

Lloyd’s of London is proposing three “open-source frameworks” to provide a blueprint for better protecting society against systemic catastrophic events such as pandemics, after noting the market will pay out between $3 billion and $4.3 billion to its global customers

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Opinion: Here’s how to set up future BI pandemic coverage

June 12, 2020 by Mary Kelly and Anne Kleffner

If the property and casualty insurance industry wants to avoid future entanglements around business interruption insurance, as seen during the coronavirus pandemic, then a robust public-private partnership (P3) might provide a solution. COVID-19 has highlighted the issue of how to

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When courts might rule against insurers in business interruption coverage disputes

June 11, 2020 by Greg Meckbach

A commercial insurer could end up paying for losses that the carrier never intended to cover if a business interruption insurance policy covers government orders or advice to shut down a workplace without clearly excluding something like a widespread pandemic,

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The ‘massive’ business interruption coverage question with no ‘obvious answer’

June 8, 2020 by Greg Meckbach

The outcome of an ongoing British test case for business interruption during a pandemic could set a precedent for commercial coverage disputes in Canada, a Toronto-based insurance defence lawyer suggests. Britain’s Financial Conduct Authority (FCA) is scheduled to file a

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A new trend for BI coverage dispute lawsuits

May 28, 2020 by Greg Meckbach

Commercial insurers who deny business interruption claims during COVID-19 could be sued by clients whose legal fees come from third-party litigation funding providers, an industry watcher suggests. “One thing that is happening now is a lot of insurance companies are

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Why Intact says most clients have no pandemic business interruption coverage

May 6, 2020 by Greg Meckbach

Fewer than 1% of the commercial property policies that Intact Financial Corp. writes should incur business interruption claims from the coronavirus pandemic, company officials suggested Wednesday. But the insurer has set aside more than $80 million to account for possible

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How to exclude business interruption during pandemic

May 4, 2020 by Greg Meckbach

If a commercial insurer does not want business interruption covering a pandemic-related exposure, how should the policy be worded? One insurance defence lawyer would advise the carrier to add a section entitled ‘Pandemic/viral/bacterial infection’ to the list of exclusions. “I

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Meet the restauranteur who’s taking the industry to court over pandemic BI coverage

April 14, 2020 by Greg Meckbach

Believe it or not, some commercial clients expect business interruption insurance to cover loss of income if the business gets interrupted, even if the cause of the interruption is a pandemic. Regina restaurant owner Thomas Siarkos is one such client.

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Business, interrupted

April 3, 2020 by Brooke Smith, Freelance Writer

Businesses can lose revenue in any number of ways. Increasingly, they can be shut down for political risks that are beyond the company’s control. Examples of emerging business interruption risks include trade wars, armed conflicts, or political protests. As businesses

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How IBAO wants brokers to treat pandemic business interruption losses

March 27, 2020 by Greg Meckbach

With the widespread impact of pandemic-induced business income losses, the property and casualty industry is looking for a good way of dealing with a high volume of potential business interruption notices of loss. “The IBAO is asking business clients not