Many organizations are facing significant losses as a result of the COVID-19 pandemic. They will need to carefully consider their insurance policies to determine which of them may respond and help to recover losses sustained. This might include the cost of cancelled travel or corporate events or any extra costs of working where staff have been told not to come into the workplace for prolonged periods. Perhaps more critically, where customers or supply chains have been disrupted due to the spread of the virus, many businesses will need to consider whether any resultant loss may be recovered.
Publication
Regulatory authorities in the EU and the UK have delayed certain regulatory reporting requirements so that firms can concentrate on supporting their customers during this difficult period.
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Through a series of statements released on May 1, 2020, the Financial Conduct Authority (FCA) made clear its expectations of the insurance sector in light of coronavirus (COVID-19).
Publication
As March bills begin to come due for small and large businesses alike, many insurers and brokers will be presented with claims relating to COVID-19 losses that businesses continue to incur.
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The following guide brings together summaries of the top legal concerns for the remainder of 2020 for insurers from a number of different regions.
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A “catastrophe” in insurance coverage parlance involves an event that results in multiple claims from multiple insureds, often across multiple lines of business.
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Summary: Creates a Business Compensation Fund (the “Compensation Fund”) for the purpose of expediting certain property insurance claims for losses sustained as a result of the COVID-19 pandemic and emergency declaration.
Publication
Insurers were inevitably going to face challenges in response to the wave of claims resulting from COVID-19 losses.
Update
The UAE Federal Law No. 14 of 2014 on communicable diseases (the 2014 Law), as amended and expanded by Cabinet Resolution 33 of 2016 (the 2016 Resolution) (collectively the Laws) now applies to COVID-19.
Update
Many organisations are facing significant losses as a result of the COVID-19 (coronavirus) pandemic.
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