Legal
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The Chubb CEO calls on Congress to shield corporate America from Covid-19-related litigation as the US begins to re-open.
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The Hartford, CNA, Arch and The Hanover all dropped more than 6 percent on Wednesday, performing worse than the broader market.
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The state regulator wants insurers to work with their customers as risk exposures change.
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CEO Bruce Hepburn said insurers should have “feet held to fire” over claims payment.
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The carrier notes that only 10,000 of UK SME clients with BI cover have been hit by the Covid-19 lockdown. -
The start-up has filed a countersuit against the brokerage giant after it accused founders of trade secrets misappropriation.
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The groups sent a letter of opposition yesterday to the California congressman.
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The move comes after Republican lawmakers asked President Trump to intervene on the industry’s behalf.
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Multiple broking sources believe the breadth of the Hiscox wording means all BI claims are covered.
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The dispute centres on wordings around non-damage denial of access and public authority shutdown mandates.
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Mandating carrier payouts for uncovered claims would undermine contract law and jeopardise the sector’s solvency, the lawmakers warn.
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The comments come as AM Best earlier today warned over the impact of regulatory creep on BI claims.
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