Will COVID 19 Bail Out the Insurance Industry?
By Rick Bingham and Dan Weber
The conventional wisdom is that 2020 will go down as a very bad year for the insurance industry. This certainly appeared to be the case when many people believed that insurance companies might be on the hook for paying out on business interruption losses caused by COVID-19. Then, when one combined the impact of COVID-19 with hurricanes, wildfires, and riots at an absolutely “Old Testament” level, some people even began speculating about whether the insurance industry would be able to survive. With each passing day, an increasing number of affected policyholders found themselves anchoring any hope of surviving and rebuilding their businesses on the protection they had purchased from their insurers. They paid their premiums throughout the years for an event just like this, right? Many people were left hanging on to this hope with both hands, believing their insurance policy would make them whole again. More…
Calculating the COVID-19 Business Interruption Loss
by Rick Bingham
What is a Business Interruption Loss?
One of the most important advantages of owning any asset is the right to its use and to the revenue it generates. If this revenue stream is not properly insured when a loss to the physical premises occurs the results could be catastrophic. More…
COVID-19 and Business Interruption Insurance
by Rod Morris
Background
The COVID-19 pandemic is shaking economies and businesses and individuals in unheard of ways. The Insurance Industry is no exception. The shaking has already started, and the effects could easily be catastrophic. More…