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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Louisiana business interruption bill may change coverage due to COVID-19

Business interruption insurance - COVID-19 Test

Legislators are reviewing the bill to decide if insurers should be forced to pay pandemic claims. Legislators in Louisiana are reviewing a business interruption insurance bill. It may require insurers with operations within the state to have to cover claims connected to the coronavirus pandemic. The legislature recently went into session following about 2 months of suspended work due to COVID-19. Both the House and the Senate will need to complete as much as they can by June 1, 2020. The delay they’ve already faced over the last two months…

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Chubb CEO calls COVID-19 coronavirus biggest event in insurance industry history

Evan Greenberg cautioned that the pandemic’s impact will cause insurers to face their largest challenges. Chubb Ltd Chief Executive Officer Evan Greenberg released a statement warning that the coronavirus will be the largest event in insurance industry history. The insurance company recorded $13 million in losses linked to COVID-19 during the Q1 2020. Greenberg stated that “this event will be the largest event,” in insurance industry history, on an earnings call in which he shared Chubb’s first quarter results for 2020. The CEO pointed to both the direct impact of…

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22 million unemployment insurance claims were filed in a 4-week span

Unemployment insurance - Closed Business Sign

As businesses continue to remain closed because of the pandemic, workers are steadily laid off. The steady stream of layoffs resulting from businesses temporarily closing due to the coronavirus pandemic has led to millions of additional unemployment insurance claims. In April’s first full week, an additional 5.2 million workers submitted their first week’s filing for benefits. US Department of Labor data showed that the total number of Americans who have filed their first unemployment insurance claims is 22 million in four weeks following March 14. This represents approximately 13.5 percent…

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Michigan auto insurance to undergo substantial changes throughout 2020

Michigan auto insurance - Michigan license plate

High rates have been a source of contention in the state where drivers pay more than the rest of the country. High Michigan auto insurance rates and how to overcome them has been a controversial topic in the state for decades. In the second half of the year, premiums are likely to fall due to a number of changes in the state. This year, when policies renew on and after July 1, vehicle owners will see a change in those rates they’ve been complaining about for many years. According to…

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NY travel insurance is undergoing a transformation in the face of COVID-19

NY travel insurance - Virus

State governor Andrew Cuomo is allowing Cancel For Any Reason (CFAR) coverage. NY travel insurance is undergoing some significant changes as directed by state Governor Andrew M. Cuomo. Governor Cuomo has announced that insurers are now permitted to sell Cancel For Any Reason (CFAR) policies to both residents and businesses. This move is meant to help insurance companies respond to traveler needs as COVID-19 spreads. People around the world have become nervous about booking travel plans due to the uncertainty regarding the spread of the coronavirus. In order to help…

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Washington insurance companies must wave coronavirus testing deductibles and copays

coronavirus testing - disease - health

The state’s insurance commissioner ordered insurers not to charge policyholders for that service. Washington’s Insurance Commissioner Mike Kreidler has ordered insurers not to charge coronavirus testing deductibles and copays for policyholders who need it. State residents who need to be tested will not need to pay for any part of that test. Kreidler initially announced the new coronavirus testing coverage requirement at a news conference last Thursday. He stated that insurance companies would not be permitted to charge their customers deductibles or copays when the policyholder needs to be tested.…

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