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The recent voluntary dismissal of the Erie COVID-19 BusinessInterruptionProtection Insurance Litigation marks the end of a significant chapter in insurance coverage law.1
FCA Test Case: Response of non-damage businessinterruption extensions to COVID-19 losses Supreme Court Decision: Update 19 January 2021 The Supreme Court judgment in the FCA BusinessInterruption Test Case was published on Friday 15 January 2021. Protect Commercial Team.
Lightning is a more complex peril than it is often given credit for being, according to Tim Harger, executive director of the Lightning Protection Institute (LPI). Investment in a lightning protection system could have saved this business owner – and his insurer – the million dollars lost and prevented businessinterruption.
Insurance policies such as property, liability, and professional indemnity can provide a crucial safety net, making it essential for businesses of all sizes. Debunking the Myths Myth 1: Importance of Commercial Insurance for Small Businesses Despite their scale, small businesses often operate at higher risks of personal and financial losses.
The CPSC also recently released a report during National Consumer Protection week that quantifies hospital emergency room-treated injuries from consumer products during the COVID-19 pandemic from March through September 2020. food-related illness of one or more persons arising out of . . .
Cybercriminals will often target small businesses that may be scrambling to resume operations and are less likely to be vigilant about cybersecurity in the wake of a disaster. This can add another layer of complexity while trying to limit businessinterruption.
The notion of business coverage can be traced back to medieval times, when the shipping industry first implemented rudimentary forms of risk management. Merchants banded together, creating mutual aid agreements to protect against the perilous nature of sea voyages.
This may be in a provision titled “Duties in the Event of Loss” that allows the insurer to interview the policyholder claimants in a process called an “examination under oath.” The policy may also require the insured to exhibit the property, take reasonable steps to protect it, and generally cooperate with the insurer’s investigation.
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