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The plaintiffs have challenged Lexington’s requirement for proof of physical loss.
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The Hartford and Cincinnati Financial Corporation have experienced the highest level of litigated claims. -
The research firm says the pandemic will become the leading example of “silent” coverage uncertainty.
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State Farm policies in question contain a virus exclusion, protecting the insurer from liability.
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The company increased non-cat reserves by $26mn in the second quarter.
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Representative Cleaver says the Federal Insurance Office must work closely with the industry to understand the availability of such cover.
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The industry can avert costly conflict by showing it understands the challenges facing policyholders.
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A string of companies pre-announced Covid-19 losses yesterday, with a number posting only modest reserves.
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The trade association will hold dialogue about the BCPP scheme with members of the US House Committee on Financial Services.
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Insurance bodies including APCIA and NAMIC strongly oppose the draft legislation.
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It is one of the first rebate-related class actions filed in response to coronavirus.
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Councilmember Mary Cheh has proposed legislation to extend the period during which policyholders can notify insurers of losses or appeal claims decisions.
