Tag: COVID-19 insurance claims

How New York’s Insurance Law Is Setting a Precedent for the Nation

Nordstrom
New York's Insurance Law

New York Introduces Stand-Alone Business Interruption Insurance Law New York has taken a bold step to support businesses in managing unforeseen disruptions with the introduction of a stand-alone business interruption insurance law, effective the later part of 2024. This groundbreaking legislation expands coverage options beyond traditional policies, offering businesses more flexibility and security. What is Stand-Alone Business Interruption Insurance? Stand-alone business interruption insurance is a specialized policy designed to cover financial losses resulting from business closures, even when there is no direct physical damage to the property. Unlike conventional business…

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Earthquake insurance claims cause the third highest number of consumer complaints

H. Cutner
Earthquake insurance - Complaints

The Australian Financial Complaints Authority recorded COVID and flood emergency claims in first and second. Earthquake insurance claim are responsible for the third most consumer complaints, behind only claims relating to COVID and those associated with flood emergencies, according to new data from the Australian Financial Complaints Authority (AFCA) based on Queensland and New South Wales filings. As of June 22, the AFCA had already received more than 350 complaints about claims from a September quake. The town of Mansfield in Victoria, Australia, suffered a 5.9 magnitude earthquake September 22,…

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Cheers tavern owner files business interruption insurance lawsuit over claim denial

Julie Campbell
Business interruption insurance lawsuit - Cheers Tavern in Boston

Hampshire House attorneys say its insurer has refused to pay claims relating to COVID-19. Owner of several restaurants in Boston including the famous Cheers tavern, Hampshire House, has filed a business interruption insurance lawsuit. The suit was filed when the company’s insurer denied the claims it filed in response to pandemic crisis shutdowns. The company is facing the loss of millions of dollars due to the pandemic lockdowns, said attorneys. The business interruption insurance lawsuit was filed against Fireman’s Fund Insurance and Associated Indemnity Corporation and Allianz Global Risks United…

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