Topic Business Interruption
Business interruption insurer could be sued by this Canadian restaurant owner
February 9, 2021 by Greg MeckbachAn Ontario-based restaurant company whose sales dropped more than 50% during the pandemic may be taking legal action against its business interruption insurer. In a recent securities filing, SIR Royalty Income Fund said its business interruption claim from the COVID-19…
How much Chubb predicts COVID could cost the industry
February 4, 2021 by Greg MeckbachCOVID-19 could ultimately cost the global property and casualty insurance industry somewhere in the neighbourhood of US$75 billion in claims, Chubb Limited CEO Evan Greenberg suggested Wednesday. Zurich, Switzerland-based Chubb released its financial results for 2020 on Tuesday. During a…
One big lesson from pandemic business interruption coverage disputes
February 2, 2021 by Greg MeckbachThe industry could do a better job of explaining to commercial clients exactly what business interruption insurance actually covers, A.M. Best Company Inc. suggests in a report released Monday. “Disputes over BI cover are unfavourable for the reputation of affected…
Six reasons why commercial prices will probably continue rising
January 25, 2021 by Greg MeckbachDon’t expect a soft market for your commercial clients any time soon, executives with The Travelers Companies Inc. warn. Rates on renewal for business insurance were up 8.4% while rates in bond and specialty insurance increased by 12%, Travelers said…
How British Supreme Court COVID business interruption ruling could be imported into Canada
January 22, 2021 by Greg MeckbachA landmark British court ruling against insurers over business interruption coverage could be good news for restaurants or retailers who had to severely limit their operations during the COVID-19 pandemic. The Supreme Court of the United Kingdom ruled largely in…
‘COVID Trio’ tops the biggest biz risks for this year
January 19, 2021 by Adam MalikBusiness interruption, the COVID-19 pandemic, and cyber are the top three risks facing businesses this year – and all three are connected to each other, says a new report. Allianz Global Corporate & Specialty (AGCS)’s Risk Barometer for 2021 found…
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.…