As the shelter-in-place orders continue to impact businesses across California, California’s lawmakers are responding to the growing unrest voiced by the state’s business owners.
Friday, April 17, 2020
Monday, March 30, 2020
California at Forefront of Business Interruption Coverage Response to COVID-19
The now ubiquitous shelter-in-place orders enacted across the United States began in the San Francisco Bay Area, followed days later by California Governor Gavin Newsom’s decision to issue the first statewide shelter-in-place order. It is fitting, then, that Californians are at the forefront of the fallout of these orders, namely, the interruption of myriad businesses and looming uninsured losses.
Thursday, March 26, 2020
Massachusetts and Ohio Follow New Jersey Attempt to Re-Write Existing Policies to Cover COVID-19 BI Losses
Lawmakers in Massachusetts and Ohio introduced bills this week to rewrite existing insurance policies to cover businesses’ economic losses arising from Covid-19 work stoppages. The proposed language in both measures mirrors a New Jersey bill that was introduced last week but tabled after insurance company representatives raised objections to its legality and constitutionality.
Labels:
coronavirus,
Massachusetts,
New Jersey,
Ohio
Wednesday, March 25, 2020
States are Limiting Insurers' Ability to Cancel Policies During Pandemic
Following other states, like Georgia, that have recently issued orders that prevent insurers from canceling insurance policies during the ongoing pandemic, Delaware has issued an order that insurers cannot cancel policies during the pendency of the declared state of emergency. Pennsylvania has not barred insurers from canceling policies, but the Insurance Commissioner issued a notice urging insurers to be flexible with payment options for those impacted by the pandemic, but did not prevent cancellations.
Insurers should closely monitor this situation in every state to make sure that they are abiding by these ever-evolving orders from the states regarding cancellation of policies.
Posted by Jonathan MacBride
Insurers should closely monitor this situation in every state to make sure that they are abiding by these ever-evolving orders from the states regarding cancellation of policies.
Posted by Jonathan MacBride
Labels:
coronavirus,
Delaware,
Georgia,
Pennsylvania
Tuesday, March 24, 2020
TDI Extends Claims-Handling Prompt Payment Deadlines In Response To COVID-19
Amid the chaos surrounding the COVID-19 outbreak, the Texas Department of Insurance has issued a Commissioner’s Bulletin extending certain claim-handling prompt payment deadlines for property carriers handling claims in Texas. The Texas Prompt Payment of Claims Act allows for a 15-day extension of claim-handling deadlines for property carriers in the event of a major national disaster, as defined by the Texas Commissioner of Insurance. In the wake of the Commissioner’s determination that the COVID-19 pandemic is a national disaster, Commissioner’s Bulletin # B-0007-20 establishes extended deadlines for claim-handling procedures for property carriers.
Labels:
coronavirus,
Texas
Wednesday, March 18, 2020
State Bill for Coronavirus BI Coverage Recalls Prior Sandy Efforts
The coronavirus (COVID-19) public health emergency will certainly produce significant financial losses across the economy as businesses shut their doors for prolonged periods to avoid infections and exposures. In response, some state legislatures and regulators have begun exploring options to reduce the financial losses to businesses by attempting to allocate certain uncovered business interruption losses to property insurance carriers.
Thursday, February 13, 2020
Revisiting the Risks Posed by Wildfires
Early property insurance policies, first introduced in seventeenth century England, insured against only a single peril: fire. That made sense at the time—most structures were wooden, making fire the most common risk of loss. Yet, in modern times with ever-changing and expanding risk profiles, fire is no longer the singular menace to property it once was.
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