Category Archives: Business Insurance
CORONAVIRUS WRAP-UP: PROPERTY AND CASUALTY (4/21/2020)
CORONAVIRUS WRAP-UP: PROPERTY AND CASUALTY (4/17/2020)
CORONAVIRUS WRAP-UP: PROPERTY AND CASUALTY (4/16/2020)
CORONAVIRUS WRAP-UP: PROPERTY AND CASUALTY (4/15/2020)
CORONAVIRUS WRAP-UP: PROPERTY AND CASUALTY (4/14/2020)
CORONAVIRUS WRAP-UP: PROPERTY AND CASUALTY (4/13/2020)
Coronavirus Wrap-up: Property and Casualty (4/9/2020)

Coronavirus Wrap-up: Property/Casualty (4/7/2020)

Below are abstracts and links to recent articles related to coronavirus from a property and casualty insurance perspective.
Auto:
Less driving, fewer accidents: Car insurers give millions in coronavirus refunds
One of the largest car-insurance companies in the country and a smaller Midwestern auto insurer are refunding hundreds of millions of dollars to their policyholders, citing a dramatic drop in accident claims from Americans hunkered down in their homes, The Wall Street Journal reports.
Allstate providing more than $600M to auto insurance customers amid pandemic
Allstate announced that it’s providing a Shelter-in-Place Payback to help its personal auto insurance customers during the pandemic.
Business Interruption:
This insurance would have helped in coronavirus crisis; nobody bought it
PathogenRX, a parametric insurance policy developed by broker Marsh, Munich Re, and technology firm Metabiota, is designed to provide business interruption insurance in the event of a pandemic, Insurance Journal reports.
Wimbledon nets £100m coronavirus cancellation payout
When the coronavirus outbreak forced the cancellation of Wimbledon it looked like game, set, and match against the All England Club. It turns out, The Times reports, that the club has insurance that covers infectious diseases and is putting together a claim potentially in excess of £100 million.
Insurers warn on forced payouts for uncovered coronavirus losses
World insurers told governments on Monday that making them pay out on losses suffered due to the coronavirus that were not covered by policies risked destabilizing the insurance industry, Reuters reports.
Considering a business interruption insurance claim due to COVID-19? Check your policy first
Insurance brokers say viruses and pandemics are specific exclusions in many such policies, which are often included with standard property and casualty coverage. But whether COVID-19 is the basis for a business interruption claim remains an open question as government leaders and the plaintiffs’ bar wrestle over the issue.
How social inflation may affect coronavirus business interruption losses
COVID-19 could produce a big increase in social inflation, according to A.M. Best. The reason: expectations that businesses will sue their insurers in an attempt to access their business interruption coverage for losses relating to the coronavirus pandemic.
After SARS, insurers changed policies covering businesses
SARS infected 8,000 people and led to millions of dollars in business-interruption insurance claims – including a $16 million payout to a single hotel chain. As a result, The Washington Post reports, many insurers added exclusions to standard commercial policies for losses caused by viruses or bacteria.
Flood:
FEMA extends flood renewal period
The Federal Emergency Management Agency (FEMA) announced that it will extend the grace period to renew flood insurance policies to help policyholders affected by the coronavirus (COVID-19) pandemic. FEMA said it would push back the grace period from 30 days to 120 days.
Property:
Florida’s property insurer of last resort, announced it will suspend cancellations and non-renewals for the next 45 days.
Wildfire:
First responders are preparing for raging wildfires that they expect will consume thousands of acres and drive some residents from their homes in upcoming months. But this year, CNBC reports, preparations have stalled. The coronavirus pandemic has hit the country’s already strained emergency services, raising concerns over inadequate disaster relief during peak fire season.
Workers Compensation:
Catch coronavirus on the job? In Florida, workers comp may not cover you
Florida’s Chief Financial Officer has ordered the Division of Risk Management to fulfill workers’ compensation claims for frontline employees who work for the state, the Tampa Bay Times reports. But the order doesn’t include similar workers in the private sector.
Proper decontamination before and after coronavirus exposure is crucial

While insurance policies might not cover the mitigation or cleanup costs related to commercial facility exposure to the coronavirus, preserving a healthy and safe place of business remains a critical risk management issue.
As the coronavirus (COVID-19) continues to spread rapidly around the world, it’s important to know what to do if someone carrying the highly contagious virus comes in contact with any of your facilities or those of your customers. Even the potential of your business premises being exposed to COVID-19 can create a possible need to engage risk mitigation efforts. Understanding the importance of utilizing a professional, credentialed decontamination contractor both before and after facility exposure is crucial to protecting your business.

“COVID-19 has presented new challenges for businesses around the world, and it’s necessary to understand the importance of ensuring the safety of all employees and customers,” said Larry Thomas, global president of Crawford Specialty Solutions, a division of Crawford & Company that includes Contractor Connection. Contractor Connection, an industry leader in managed repair services, provides insurance carriers, brokers and consumers a global network of more than 6,000 contractors vetted and managed for performance in residential and commercial work, including specialists in technical areas like cleanup after a biological event.
“Experts have warned that we have just begun to feel the impact of the virus in the U.S., and it is expected to continue to affect lives for the foreseeable future.”
With that in mind, it’s essential you ensure you are utilizing a decontamination contractor who is rigorously vetted, held to the highest standards, and professionally equipped to restore affected sites through proper remediation and containment procedures. Here are some best practices for how to approach this critical work while reducing risk for you and your customers.
Prevention protects you, your customers and others
Prevention is the first step toward reducing exposure to the virus. Even before an incident occurs, a decontamination contractor can work with your business to provide cleaning and disinfecting services designed to reduce the opportunity for infection and keep facilities operating longer. When administered by a trusted, licensed and insured provider, preventative cleaning provides a cleaner, safer work environment and enhances employee and customer satisfaction.
Decontamination services limit business interruption
If you or your customers’ facilities are exposed to coronavirus, legitimate decontamination services using proper techniques, equipment and materials, and following CDC, state and local protocols should be employed to restore your places of business back to operation as quickly as possible, limiting business interruption. Time is critical, so you should engage with a service that provides 24/7 assignment processing and emergency response.

“Providing access to a rapid-response decontamination service can help reduce the potential impact of contamination in the workplace and return the environment to full operational status as quickly as possible,” said Lance Malcolm, U.S. president of Contractor Connection. “The focus must be on helping companies limit business interruptions and ensure that the affected facilities are completely safe for those who use them.”
Safe biohazard waste disposal reduces future risk of exposure
As part of decontamination services, it’s also important to utilize contractors trained to handle and properly dispose of biohazard waste, safely removing any affected materials from the facility. Services that provide quality assurance review and project monitoring ensure speedy completion and provide peace of mind knowing exposure to the virus has been properly reduced or eliminated.