Business Interruption – Page 4
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NewsBrokerFest 2021: Parametric insurance provides efficiency and business resiliency – FloodFlash
The ‘most exciting’ development in parametric insurance is its use in non-damage business interruption, says broker success manager
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NewsBrokers call out ‘conflict of interest’ in delayed government-backed £750m live events reinsurance scheme
Concerns over a ’conflict on interest’ has been raised by several brokers in the market
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NewsBrighton Pier Group receives £5m following Covid-linked business interruption claim
The claim relates to losses incurred to the end of June 2021
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NewsLloyd’s broker launches two new music and live events schemes
The insurance solutions will support freelancers and those working in the festival industry
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NewsBiba and MGA launch new scheme to support the media and entertainment sector
Creating the new insurance scheme was a ‘direct result of member requests’ following a challenging 2020
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NewsFilm production delay terms ‘more specialised’ than standard BI cover
Aggregation is becoming ’one of the key disputed issues’ over claims for film production delay
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NewsMission Impossible film studio sues insurer over Covid payout
The film company’s insurer is reportedly covering losses arising from one out of seven production delays or stoppages
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NewsAxa has paid £75m for Covid-linked BI claims to date
UK retail boss adds that the business is ‘in a very robust position to move forward and evolve’
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NewsBI insurance claims payouts nearing £1bn but ‘it should have been more’
According to the FCA, 15,400 policyholders with BI claims approved are still waiting for business interruption payouts
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NewsInsurers have paid £968m in interim and final BI claims payments so far
The FCA calculates that 26,238 policyholders out of 41,666 who have had BI claims linked to the test case action accepted have received at least an interim payment so far
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NewsZurich believes it has been ‘been at the forefront’ of tackling BI claims backlog
UK chief exec adds that the insurer has yet to see the ‘benefits’ of the OIC portal coming through following its launch in May
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NewsWoodgate and Clark reveals mammoth surge in BI claims
The huge increase in cases has proven to be a ‘game changer’ for loss adjusting
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NewsIrish insurer expects Covid BI claim payments to hit €183m
The High Court in Ireland ruled against FBD in February
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IT InterviewBronek Masojada: ‘Getting the basics right’ is how industry will boost reputation post-BI test case
Paying outstanding BI claims remains one of the chief exec’s ‘personal priorities’ this year, however chairman adds that ‘appropriate pandemic exclusion terms’ are now in place for Hiscox’s BI book
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News AnalysisRansomware surge could see cyber become next Covid-related crisis
Cyber-linked business interruption cover ’should be viewed as vital’ as research confirms that 17% of UK businesses have experienced more cyber attacks since Covid-introduced homeworking measures
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NewsAviva to pay out Covid BI claims to physios after broker and trade bodies apply pressure
The insurer initially declined Chartered Society of Physiotherapy members’ claims under its surgery policy, but has now revised its stance
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NewsAllianz Insurance seeks ‘judicial determination’ over restaurant chain BI claim
The insurer allegedly owes £16.4m to cover the restaurant chain’s pandemic-related losses
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NewsSlug and Lettuce owner sues three insurers for £846m over covid business interruption losses
The pub group was forced to close all 760 of its pubs, bars and restaurants
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NewsHiscox pays out more than £5.2m of Covid BI claims following specialist broker settlement
More claims are yet to be finalised, but policyholders include British nightclubs and other live event music venues
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NewsInsurers have paid more than £875m in interim and final BI payments this year
The FCA calculates that 23,933 policyholders out of 40,531 who have had BI claims linked to the test case action accepted have received at least an interim payment so far
