In response to the extremely active 2017 Atlantic hurricane season, the governor of Puerto Rico enacted several bills that amend or introduce new provisions to the Insurance Code of Puerto Rico, 26 L.P.R.A. § 101 et seq., including provisions regarding additional civil remedies against insurers, as well as new requirements for insurers, surplus carriers, and micro-insurance providers.
Showing posts with label Puerto Rico. Show all posts
Showing posts with label Puerto Rico. Show all posts
Tuesday, May 28, 2019
Wednesday, May 1, 2019
Puerto Rico’s Newly Required Expedited Payment Process for Property Insurance Policies
In our recent article addressing property insurance in Puerto Rico, we discussed the new appraisal rules for Puerto Rico property insurers that the governor of Puerto Rico enacted in response to the extremely active 2017 Atlantic hurricane season. The governor also enacted five other bills that amend or introduce new provisions to the Insurance Code of Puerto Rico, 26 L.P.R.A. § 101 et seq., including provisions regarding expedited payment requirements, additional civil remedies against insurers, as well as new requirements for insurers, surplus carriers, and micro-insurance providers.
Wednesday, April 25, 2018
Back to Back Cats
In the last week, there have been several news stories about the recent island-wide power outage in Puerto Rico, the tenuous condition of Puerto Rico’s power grid, and the fact that hurricane season
is right around the corner. Last Wednesday,
a construction vehicle removing a fallen electrical tower got too close to an
energized line and caused an electrical ground fault that led to an island-wide
blackout. Luckily, power was not out across the island for long, but the outage
once again drew attention to Puerto Rico’s efforts to rebuild following
Hurricane Maria. Puerto Rico faced difficulties with its power grid even before Hurricane Maria made landfall,
but Maria’s high winds and flooding damaged 75 percent of the island’s
distribution lines. Despite the progress that has been made since Maria struck,
it is clear that Puerto Rico has not fully recovered from Maria’s devastation.
Friday, March 30, 2018
Maria, Where Are The Claims?
In the six months since Hurricane Maria
devastated Puerto Rico, much progress has been made. Water service has been restored to 99% of the island and electricity to 93%.
Of the total losses in the Caribbean from Maria, about 85% are in Puerto Rico, which the local government estimates at $100 billion. Insured losses are
estimated between $40 and $85 billion.
Tuesday, January 2, 2018
Pardon this interruption… Service Interruption Provisions and Hurricanes
As the urgency to repair immediate physical damage to commercial property subsides, and businesses begin to get back to business as normal in the wake of Hurricanes Harvey, Irma, and Maria, we will undoubtedly see claims to recover lost revenue, or extra expenses incurred as a result of the storm. These claims arise under a general claim for business interruption coverage.
Thursday, October 26, 2017
Big Pharma BI, CBI, and Service Interruption Claims Percolating in Puerto Rico
As recovery and rebuilding efforts drag on in Puerto Rico, Hurricane Maria’s impact on Big Pharma is radiating across the U.S., and around the globe as the dozens of drugs manufactured in Puerto Rico become scarce. Maria brought drug manufacturing to a screeching halt in Puerto Rico, where about 10 percent of all drugs prescribed in the U.S. are made. The FDA is focused on about 40 drugs it expects to be in short supply, including 13 that are made only in Puerto Rico.
Thursday, October 5, 2017
Insurance Bad Faith Under Puerto Rico Law
Last month, as Hurricane Maria bore down on Puerto Rico, we reposted our Puerto Rico claims checklist and an analysis of causation under Puerto Rico law. In Maria’s devastating aftermath, many Puerto Ricans are still focused on necessities, and filing an insurance claim for damage to their home or business is not top of mind. But as recovery efforts gain momentum, the claims will begin to come in. Now is the time to review our posts from last month and consider how Puerto Rico law may apply to handling Maria insurance claims.
Tuesday, September 19, 2017
Maria – Re-Post of Puerto Rico Claims Checklist
With the Imminent Arrival of Hurricane Maria in Puerto Rico, we are re-posting our claims checklist for Puerto Rico.
Maria - Concurrent Causation in Puerto Rico
While Puerto Rico was spared a direct hit from Hurricane Irma, it now appears it will face the full brunt of Hurricane Maria. Maria is projected to strike Puerto Rico as a Category 4 Hurricane. Many of the same concurrent causation issues that we predicted may occur with Irma are also likely to exist with Maria and may be even more pronounced with the increased severity of damage from Maria.
Thursday, September 7, 2017
Irma - Concurrent Causation in Puerto Rico
While Puerto Rico was spared a direct hit from Hurricane Irma, it was lashed by Irma’s wind and experienced significant amounts of rain that will likely lead to flooding. There may also be damages arising from storm surge along the Northern Coast. Reportedly, more than 1 million people are without power. Many policies may exclude flood and limit or exclude losses arising from power interruption. Combined with the significant wind damage that is expected, it is inevitable that disputes over the extent of covered versus non-covered loss will arise.
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