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The March earthquake that struck Fukushima in Japan will cost $2.3bn. -
The suit is the latest in a series of Covid-19 BI legal actions hinging on aggregation brought against insurers.
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The parties gave their final submissions following a legal hearing that has lasted over two weeks.
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The carrier’s losses from the Melbourne earthquake and various large storms have also exceeded initial estimates by $8mn.
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The insurers also claimed that Stonegate’s desired treatment of furlough payments would lead to it being ‘over-indemnified’.
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Storms from 16-23 June added to a “very active” quarter for the peril.
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The pub company is looking for a payout at every one of its 760 premises, whilst insurers claim it is entitled to a single limit.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
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The bakery chain is suing Zurich over losses during the lockdown, one of several high-profile BI legal disputes to have emerged.
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The loss is expected to be absorbed by the domestic Canadian and London markets, with Lloyd’s taking a relatively heavy share of the placement.
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The suit is believed to be the first court case against insurers by a lessor in relation to the Ukraine conflict.
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The pub chain has claimed in court that it is entitled to separate payouts for each of its 760 venues.
