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The case follows lawsuits lodged earlier this month against Travelers by the firm. -
The findings come as P&C carriers attempt to quantify the likely cost of coronavirus.
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The carrier will have to compensate a Parisian restaurateur for two months’ lost earnings.
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The lawsuit builds on prior findings by the state’s Supreme Court that coronavirus is a natural disaster.
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The insurance executive expects losses related to Covid-19 to exceed $100bn for the industry.
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Businesses across America would be eligible for direct payouts from federal government for three months under the plan.
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Bill 477 will now move on to the state’s second legislative chamber for further scrutiny.
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Senator Ward told this publication the amended legislation would protect both carriers and policyholders.
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John Howard says an earlier estimate indicates carriers are under-reserved in casualty by about $100bn.
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He noted that D&O, E&S and event cancellation are areas that could be particularly impacted.
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The Judicial Panel on Multidistrict Litigation will determine whether federal BI lawsuits should be consolidated.
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The carrier’s chief executive officer said the “vast majority” of BI cover in the US has virus exclusions.
