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The Ohio and Massachusetts proposals come as the APCIA estimates small business losses due to Covid-19 at up to $383bn a month.
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The restaurateur argues that insurance should pay for contamination and BI losses. -
The Chickasaw and Choctaw nations say they their properties sustained direct physical loss, meriting coverage.
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A ruling in the Oceana Grill case may set a precedent for other coverage disputes of this type.
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The analyst predicted that rate hardening will continue, albeit with reduced premium levels.
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The test case over whether Covid-19 losses constitute physical damage could jeopardise (re)insurance industry solvency.
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Losses would run into hundreds of billions if carriers were expected to fund non-damage BI.
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The groups say business interruption insurance was not designed to cover losses from Covid-19.
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The carrier failed to secure sufficient investor interest for the transaction.
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The Dubai-headquartered company will list on the Nasdaq today, giving it additional access to capital markets.
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Despite the prevalence of non-damage business interruption clauses, coronavirus fears may not be covered, a Wilson Elser partner said.
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APRA chairman Wayne Byres tells lawmakers carriers remain sufficiently capitalised to respond to new events.
