Topic Business Interruption
The difference between pandemic BI coverage and pushing a bus off a cliff
January 5, 2021 by Greg MeckbachCommercial clients who bought insurance covering a disease outbreak within 25 miles of their premises did not buy coverage for business interruption from a pandemic on a national scale, insurance company lawyers are telling the United Kingdom Supreme Court. Worldwide,…
Britain’s regulator challenges ruling in favour of insurers over pandemic BI coverage
January 4, 2021 by Greg MeckbachThe appearance of the word “event” in a “disease radius” clause in business interruption insurance contract could be instrumental in determining whether the client is covered during a pandemic. In a ruling released Sept. 15, the High Court of England…
Why the D&O market will probably get harder
December 15, 2020 by Greg MeckbachData breaches and the impact of COVID-19 on a company’s financial performance are among the “megatrends” affecting directors’ and officers’ liability claims, Allianz Global Corporate & Specialty warned in a report released Dec. 15. “Outside the U.S., securities class actions…
How a South African court applied the U.K. test case in a B.I. dispute
December 8, 2020 by David GambrillSouth Africa’s Western Cape High Court has ordered an insurer to pay a retailer of luxury travel goods up to a maximum of six months’ worth of business interruption coverage (about Cdn$1.5 million), following a dispute over losses arising from…
P&C industry’s Q3 results show signs of recovery
November 30, 2020 by David GambrillIf the Canadian property and casualty insurance industry’s second quarter results — a financial temperature check at the height of the pandemic — looked a bit sickly this year, the third quarter results show signs of overall recovery, data from…
Cyber insurance: Most frequent and costly claims revealed
November 24, 2020 by Jason ContantExternal attacks on companies result in the most expensive cyber insurance losses, but internal failures like employee mistakes and technical problems are the most frequent generator of claims by number (albeit with a lower financial impact), a new report says.…
Lights. Camera. Claims action!
November 20, 2020 by David GambrillIn the Canadian entertainment industry, time is money, and so when the global pandemic forced time to stand still, it hit the entertainment industry with the force of a catastrophic event. When COVID-19 hit, Crawford & Company’s adjuster and film…
Powerful winds, high tides raise flooding concerns as storm sweeps across B.C.
November 17, 2020 by The Canadian PressVANCOUVER – Much of coastal British Columbia is braced for a brief but powerful windstorm while snowfall and winter storm warnings stretch from the inland north coast all the way to the northeast corner of the province. Environment Canada says…
Alberta farmers file what may be first class-action lawsuit over unpaid oil leases
November 11, 2020 by The Canadian PressCALGARY – Two Alberta landowners have filed what a lawyer says could be the first class-action lawsuit against an energy company for not making its lease payments. “It’s a pretty clear contract,” said lawyer Matthew Farrell, who is representing Reinhold…
Lessons for the industry from pandemic business interruption coverage disputes
November 10, 2020 by Greg MeckbachMassive business interruption losses resulting from COVID-19 have encouraged discussion about how governments can work with the property and casualty insurance industry to handle global disasters such as future pandemics, the CEO of an Ontario mutual suggests. “Public and private…
How long will the haul be for Canada and the pandemic?
November 9, 2020 by Adam MalikA second wave of the COVID-19 pandemic is gripping parts of Canada and it will likely be well into next year until we come out of it, an expert predicts. And the longer things drag on, the worse it bodes…
How much premium it would take for P&C insurers to absorb global BI pandemic losses
November 2, 2020 by Jason ContantProperty and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers…