Month: May 2020
Reinsurance in the Time of COVID-19 – Part 1
The World Health Organization classified the coronavirus (COVID-19) as a pandemic on 11 March 2020 and, since that time, the pandemic has caused unprecedented socio-economic disruption across the globe with a profound impact on businesses and civil liberties. In such times of dramatic economic instability, it is natural that companies […]
COVID-19 Lawsuits Could Lead to Wave of Insurance Claims
As shelter-in-place orders begin to ease and businesses reopen, companies should be prepared for a potential wave of lawsuits from customers and employees who may claim to have contracted COVID-19 on their premises. In response, Congress is currently considering legislation to shield companies from liability provided that they follow federal […]
FCA Publishes Statement About Policyholder Engagement for BI Test Cases
On 15 May 2020, the Financial Conduct Authority issued a statement setting out how it is engaging with policyholders and insurance intermediaries on business interruption insurance. The FCA said a large number of BI claims are being made and referred to widespread concern about the response of some insurers. On […]
FCA Announces It Will Commence Proceedings to Seek Clarity Over BI COVID-19 Coverage
On 1 May 2020, the Financial Conduct Authority, the UK’s conduct regulator for general insurers, published a statement announcing that it intends to take a representative sample of cases to court as soon as possible to resolve contractual uncertainty in business interruption cover for SMEs. The FCA refers to continuing […]
High Court Rules on Materiality of Non-Compliance with Terms of Separate Policy
In Niramax Group Ltd v Zurich Insurance Plc [2020] EWHC 535 (Comm), Niramax Group Ltd (“Niramax”) brought a claim against Zurich Insurance plc (“Zurich”) challenging Zurich’s failure to pay out on a claim for fire damage to a recycling facility.
