Police liability insurance mandate central to Minneapolis reform suggestions

Police liability insurance - Police vehicle vanadalism - George Floyd Protests

A number of advocacy groups have issued law enforcement practice reform recommendations. A police liability insurance mandate was a key component of recommendations made by a number of advocacy groups regarding Minneapolis reform law enforcement practices. These recommendations were made following the City Council’s support for abolishing the police department. Twelve members of the City Council showed support for the police department’s complete abolishment after the death of George Floyd, an unarmed Black man who was in police custody at the time. Two chapters of Black Lives Matter, the Minneapolis…

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IOC pursues postponement insurance over Tokyo Olympics delay

Postponement insurance - Olympic Rings

The International Olympics Committee has event coverage, but it isn’t clear if delays are covered. The IOC is seeking a postponement insurance claim for the delayed Tokyo Olympics. That said, while the policy does provide coverage against cancellation of the games, it isn’t immediately obvious whether protection extends to a delay. The IOC is currently in “open discussion” with its insurance brokers over the situation. Pierre Ducrey, the Olympic Games operations director at the IOC said that they are currently in an “open discussion” with their insurance brokers. The goal…

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Minnesota looting damage to generate insurance payouts of over $25 million

Looting damage

Protests over George Floyd’s death were particularly destructive to property in his home state. The looting damage and property destruction that occurred in some of the Minnesota protests over the death of George Floyd on May 25 while in police custody will bring insurance companies an estimated bill of about $25 million. This doesn’t take into consideration the destruction that happened in other places across the country. The $25 million estimate was calculated by Property Claim Services, an insurance industry company that tracks catastrophes. The firm labeled the protests as…

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Workers compensation insurance market starts to feel the COVID-19 pinch

Workers Compensation insurance - Coronavirus - mask

The coronavirus is now making itself felt in this additional part of the industry. Workers compensation insurance companies are now working quickly to keep up with the sudden influx of claims resulting from the coronavirus pandemic. This has been made all the more complex as the regulatory landscape shifts throughout the country. Many states have been changing the regulations to which the workers compensation insurance companies must adhere in the face of COVID-19. For instance, the state commission for this coverage gave its unanimous approval to repeal a controversial emergency…

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Business interruption insurance bill moves ahead in Louisiana Senate

Business interruption insurance - Agreed

The bill is meant to provide improved transparency in regard to this commercial coverage. Louisiana’s state Senate has advanced a business interruption insurance bill to provide greater transparency with this type of coverage. Over several weeks, many companies were surprised to discover their coverage didn’t cover pandemics. Senator Rick Ward (R-Port Allen) informed his colleagues that the dismay due to the lack of transparency in business interruption insurance was all too commonplace. The bill was introduced to try to improve the clarity of a policy’s coverage. Insurers have responded by…

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Zurich Insurance predicts its pandemic claims payouts will break $750 million this year

Pandemic claims - Man sittig at window looking out - virus

The estimates involve the overall property and casualty (P&C) payments specific to the coronavirus. Zurich insurance has released its most recent forecast regarding payments of pandemic claims. The insurer giant predicts that its own payouts will be in the ballpark of $750 million for 2020. The insurer’s CFO said that the claim level can be compared to all 2017’s hurricanes combined. George Quinn, CFO at Zurich said that the size of the pandemic claims is similar to what they experienced in 2017 from Hurricanes Harvey, Irma and Maria, combined. That…

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Cannabis business insurance options weak despite thriving marketplace

Cannabis Business Insurance - Cannabis being weighed

Only six large insurers in the United States are currently offering this type of coverage. Despite the fact that 32 states have legalized medical and/or recreational marijuana use, it remains challenging to obtain cannabis business insurance for companies in this market. There are a number of difficulties that are holding insurers back from selling this coverage. Among the top hurdles in the way of cannabis business insurance is the fact that medical and recreational marijuana use remains illegal on a federal level. As a result, despite the fact that it…

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