Topic Business Interruption
How much Northbridge could pay out in COVID claims
November 2, 2020 by Greg MeckbachLong-term care facilities accounted for a good chunk of the US$25.5 million in COVID-19 losses that Northbridge reported in the three months ending Sept. 30, officials with parent company Fairfax Financial Holdings Ltd. suggested this past Friday. Toronto-based Fairfax released…
IBC talking to feds about future pandemic risk transfer
November 2, 2020 by Greg MeckbachThe Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the…
What this Vancouver plaintiff’s lawyer says about pandemic business interruption coverage
October 27, 2020 by Greg MeckbachA British Columbia lawyer suggests at least half the business interruption insurance policies he has reviewed should cover a client who lost business because of emergency measures imposed to contain the novel coronavirus. “People who have ‘all-risk’ policies should be…
Why reinsurers are now ‘hesitant’ to support some Canadian insurers
October 22, 2020 by Greg MeckbachOne lesson from the economic disruption from COVID-19 is the importance of telling clients exactly what risks are and are not covered, an Insurance Brokers Association of Ontario panelist suggested Thursday. “Business interruption class action litigation does not attract capital…
Why brokers are going to get sued over pandemic business interruption claims
October 21, 2020 by Greg MeckbachSome brokers are going to get sued by clients whose COVID-19 business interruption claims were denied, a keynote speaker warned Insurance Brokers Association of Ontario (IBAO) members Wednesday. “The main area of claim will be failure to advise of potential…
How to survive a pandemic
October 20, 2020 by Rob Vosseler, Executive Vice President, Principal Broker, Union Power Insurance Brokers Inc.A broker principal shares his story about how his fledgling brokerage managed to navigate its way through the various business disruptions caused by COVID-19
What business interruption coverage appeal to U.K. Supreme Court could look like
October 6, 2020 by Greg MeckbachBritish insurers are not taking yes for an answer from the High Court of England and Wales, which recently ruled that insuring business interruption “following” a notifiable disease, within a certain distance of the client, does in fact mean that…
How to prevent disruptions in food supply chains after COVID-19
October 2, 2020 by John G. Keogh, Strategist, Advisor, Academic Researcher, University of ReadingThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Almost all businesses involved in the food supply chain have…
How business interruption verdict impacts trends clauses
September 30, 2020 by Greg MeckbachIf your clients are looking for business interruption coverage arising from the pandemic, a key question is whether there is a “trends clause” in their policy. “In policies with trends clauses, the calculation of loss of business income must take…
Intact warns of indirect economic impact from COVID
September 29, 2020 by Greg MeckbachThe economic impact of the COVID-19 pandemic is one of the biggest risks facing Canadian insurers, executives told a recent investors’ conference. “What can happen to us is what we call indirect losses,” Intact Financial Corp. CFO Louis Marcotte said…
Does COVID lockdown constitute ‘prevention or hindrance of access’ under BI?
September 25, 2020 by Greg MeckbachClients who lost business income during the pandemic might not get coverage even if they have coverage for “prevention or hindrance of access,” but this depends on exactly how the policies are worded. The High Court of England and Wales…
Winners and losers of the COVID-19 quarter
September 24, 2020 by David GambrillAlthough COVID-19 infected the underwriting results of the entire P&C insurance industry, it did not affect all insurance organizations equally, as recent data released by MSA Research shows. “The overall picture that emerges at the end of June is one…