Government
COVID-19 Fallout: Pressure Grows for Workers Comp Federal Backstop
An executive order by California Gov. Gavin Newsom last week is the most aggressive yet among the directives issued by 13 states that require workers compensation insurers to pay at least some ...
EU Regulator Urges National Governments to Provide Insurance for Future Lockdowns
National governments must help provide insurance cover for future lockdowns, the industry's European Union regulator said on Monday, as the private sector cannot afford to provide such broad coverage ...
If Passed, Bills to Nullify BI Exclusions Could Prove Disastrous: AM Best
Legislation to nullify business interruption (BI) exclusions in some states could have disastrous consequences for the P/C insurance industry if passed, potentially wiping out up to 50 percent of ...
Several Insurance Commissioners Wary of Business Interruption COVID-19 Claims
Insurance commissioners in at least seven states have advised business owners not to get their hopes up if pursuing business interruption claims. Scott Seaman, a partner with the Hinshaw & ...
U.S. Insurance Industry Pushes for Government-Backed Business Pandemic Coverage
The U.S. insurance industry is promoting the idea of an insurance plan backed by the federal government that would help businesses that in the future suffer losses from a pandemic, people familiar ...
Pandemic Bonds Get Stay of Execution but Their Future Remains Uncertain
A ruling last week not to wipe out holders of a World Bank financial instrument providing emergency funds to poor countries in a pandemic, was just a stay of execution if bond markets are to be ...
Opinion: Leaders Should Resist Rewriting Property, Business Interruption Coverage
Soon after the attacks on the World Trade Center and other locations on the morning of September 11, President Bush declared that the atrocities were "an act of war." That statement prompted a call ...
P/C Insurance Industry Supports New Government Fund to Help Businesses, Workers Harmed by Coronavirus Crisis
The property/casualty insurance industry has joined a broad business coalition in supporting and crafting a new federal relief fund for businesses and workers affected by the quarantine and ...