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business interruption

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Six reasons why commercial prices will probably continue rising

January 25, 2021 by Greg Meckbach

Don’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

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Why brokers may face E&O exposure due to COVID-19

January 20, 2021 by Adam Malik

One prominent industry observer is “quite concerned” that brokers may be facing errors and omissions risk exposure due to COVID-19, especially if court decisions go a certain way. For Phil Cook, chairman of Omega Insurance Holdings, the risk is that

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‘COVID Trio’ tops the biggest biz risks for this year

January 19, 2021 by Adam Malik

Business 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

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Impeding, hindering or preventing: Do these mean the same thing in business interruption insurance?

January 6, 2021 by Greg Meckbach

Say your client has a policy covering business interruption if the government prevents access to the premises. A pandemic breaks out. Say that client is not completely prohibited from conducting business, but is still losing sales because the government is

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The difference between pandemic BI coverage and pushing a bus off a cliff

January 5, 2021 by Greg Meckbach

Commercial 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,

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Britain’s regulator challenges ruling in favour of insurers over pandemic BI coverage

January 4, 2021 by Greg Meckbach

The 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

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How a South African court applied the U.K. test case in a B.I. dispute

December 8, 2020 by David Gambrill

South 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

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How much premium it would take for P&C insurers to absorb global BI pandemic losses

November 2, 2020 by Jason Contant

Property 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

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What business interruption coverage appeal to U.K. Supreme Court could look like

October 6, 2020 by Greg Meckbach

British 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

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Does COVID lockdown constitute ‘prevention or hindrance of access’ under BI?

September 25, 2020 by Greg Meckbach

Clients 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

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How Canadian courts could be influenced by U.K. business interruption test case

September 23, 2020 by Greg Meckbach

A recent British court ruling could be good news for Canadian clients who bought insurance covering business interruption from an occurrence of a notifiable disease within a specified distance of their premises, and who had to close due to the

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FM Global appeals $25-million BI award arising from reactor shutdown

September 17, 2020 by Greg Meckbach

Factory Mutual is appealing an Ontario court ruling that included a finding that “resulting physical damage” can mean loss of use. David Liblong, a partner with Liblong Digambar Professional Corporation, told Canadian Underwriter Wednesday that the insurer is appealing MDS