May 2020


Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

It has been two months since COVID-19 began to turn the U.S. economy upside down. Suffering massive losses due to the damage caused by coronavirus, businesses have quickly turned to their insurance companies for assistance.

Unfortunately, most have been stonewalled by two party-line arguments from their insurance companies: That COVID-19 does not cause the “damage” needed to trigger coverage and that viruses like COVID-19 are excluded causes of loss anyway.

Fortunately for policyholders, the analysis is rarely so simple. The unprecedented breadth of damage caused by COVID-19 has already spawned unique fact patterns and novel policy interpretation questions.

As the pandemic develops and insurance companies refine their denial arguments, the battle lines will be drawn. At present, however, there are as many questions as there are answers.

Explicit Communicable Disease Coverage? Not So Fast

Civil Authority Coverage: Not All Closure Orders Are Created Equal

Read the Very Fine Print: State Amendatory Endorsements

Nicholas Maxwell, attorney, Anderson Kill

Even for policyholders without communicable disease coverage extensions and with contamination exclusions listing “virus,” coverage may still be available.

Please enjoy the full article below:

COVID-19 and Business Interruption: Some Losses Are Covered and Here’s Why

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

After witnessing several years of decreases, commercial insurance buyers are facing rate increases not seen in almost two decades, adding to the hardships many are already experiencing amid the COVID-19 pandemic.

Industry experts expect price hikes to double for some premiums as insurers try to mitigate the impact the coronavirus on their revenue.

The outbreak has created a double whammy for insurers, with combined customer claims predicted to exceed US$100 billion and the volatile financial markets hitting reserves hard.

The industry had already seen a marked rise in insurance and reinsurance prices even before the pandemic struck, partly as a result of years of relatively expensive natural catastrophes and compensation payments.

Please enjoy the full article below;

https://www.insurancebusinessmag.com/us/news/breaking-news/some-premiums-set-to-double-as-hard-market-moves-in-223303.aspx?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Capitol Preferred Insurance Co., one of the top writers of homeowners insurance in Florida, has received approval from the state’s insurance regulator to shed 23,800 policies just weeks before the start of hurricane season.

In a March 12 consent order, the Florida Office of Insurance Regulation found that the early cancellation of the Capitol Preferred policies was necessary based on its magnitude of losses in 2017, 2018, and 2019, the increased cost of reinsurance and “to protect the best interests of the public and policyholders,” according to an OIR spokesperson.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2020/05/15/568657.htm

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

According to the complaint, which was filed at the United States District Court for the Southern District of Florida, the defendants include Syndicates AFB 2623, AFB 623, APL 1969, ARG 2121, BRT 2987, BRT 2988, HIS 33, KLN 510, MMX 2010, MSP 318, NVA 2007, TRV 5000, and XLC 2003.

The class action argued: “Plaintiff’s policy does not contain any exclusion which would apply to allow defendants to deny coverage for losses caused by COVID-19 and related actions of civil authorities taken in response to COVID-19.

“Accordingly, because the policy is an all-risk policy and does not specifically exclude the losses that plaintiff has suffered, those losses are covered.”

 

Enjoy the full article below;

https://www.insurancebusinessmag.com/us/news/breaking-news/lloyds-of-london-underwriters-rocked-by-another-covid19-class-action-lawsuit-221110.aspx?ref=insurancedailynews

Please call  Lee from  USAsurance  & Calle Financial. 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Plehttps://insurancedailynews.com/carrier-management/post/several-insurance-commissioners-wary-of-business-interruption-covid-19-claims?utm_source=email&utm_medium=article_title&utm_campaign=daily_rssase enjoy the choice of articles available