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Carrier notes property policy BI does not usually Covid-19.
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The use of exclusions could leave the personal assets of directors at risk in the event of legal action. -
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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Company management is prepared to lose local court battles but believes it will win appeals, analyst Larry Greenberg noted.
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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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Director general Huw Evans defends carriers after insurers were branded ‘deplorable’.
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The carrier estimates a net Covid-19-related claims impact of £160mn after allowing for favourable impacts in certain lines.
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Bill 477 will now move on to the state’s second legislative chamber for further scrutiny.
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The decision comes after a review of more than 500 policies by law firm Mishcon de Reya.
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Senator Ward told this publication the amended legislation would protect both carriers and policyholders.
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