Praedicat is debuting COVI19 litigation scenarios and a COVID-19 litigation tracker designed to help clients manage their exposure on casualty lines of business. Berkshire Hathaway Specialty Insurance debuted Environmental Impairment Liability (EIL) Insurance in France.
Praedicat, Inc., a liability risk analytics software company, is launching 9 realistic COVID-19 litigation scenarios and a COVID-19 litigation tracker to help clients manage their exposure on casualty lines of business.
For COVID-19, Praedicat has developed scenarios that represent a range of ultimate pandemic outcomes, including fully-specified causes of action, numbers of plaintiffs, and defendant industries.The losses from these scenarios will be simulated under various estimates of the potential scale of the pandemic and assigned to potentially responsible companies. All estimates provided by Praedicat will be updated regularly as new causes of action are identified, and as the course of the pandemic becomes clearer, the company said.
Clients will be able to use the projected industrial footprint of the scenarios to estimate limits exposed and to evaluate the potential tail risk of coronavirus. The information can be used to develop underwriting strategies, evaluate the adequacy of reserves, and to enable them to respond to exposure inquiries from regulatory authorities and rating agencies.
In anticipation that COVID-19 liability will largely emerge in state courts, Praedicat will also be launching the litigation tracker for United States COVID-19 liability filings in all 50 states, the District of Columbia, and US federal courts. The data will include all cases and defendants in all jurisdictions related to the coronavirus, often prior to claims made to insurers. The litigation tracking system will be updated monthly as new cases are filed.
Berkshire Hathaway Specialty Insurance debuted Environmental Impairment Liability (EIL) Insurance in France.
The new policy pairs coverage for multiple environmental risks with technical and legal support to help insureds mitigate environmental incidents and claims.
According to BHSI, the policy provides coverage for an insured’s operating sites as well as off-site services, such as transport operations. Coverage includes third-party claims arising from accidental and gradual environmental damage, environmental liability, and cleanup costs for the insured site. Costs to mitigate an incident, including emergency response expenses are also covered.
BHSI can provide EIL coverage for operations of all sizes on a primary or excess basis, the company said.
Source: Praedicat and BHSI