Recorded: Wednesday, May 13, 2020 @ 3pm Central
Duration: 1 hour
Recording Password = NbDMg5JU
Are lawyers and legislators attempting to retroactively rewrite the business income policies in an effort to gain coverage for losses these contracts were never intended to cover, and in fact several specifically exclude? American small businesses are suffering losses from which many will not recover. If relief can be provided, who should provide it and who should pay for it?
Efforts to contain the spread of a previously unknown strain of the coronavirus have impacted the global economy, some would argue, irreparably. Recovery has a price tag that is larger than ANY natural disaster this country, and the world, has ever seen before. Who can afford to pay for it? Where will the money come from? More specifically, who is legally obligated to pay?
Our discussion will present the issue from all sides: the small business owners forced to close or curtail business, the insurance producers asked by clients if claims should even be filed, and the insurance carriers who submitted policies to every state, along with rates based on legitimate claim actuarial projections, only to be demonized in the media for not offering financial help now in their clients’ hour of need.
Recording Password = NbDMg5JU
Here are the key questions we will be discussing in this webinar:
- What does business income insurance (BI) cover, if not the current losses we are seeing today?
- Does commonly sold BI provide coverage for the type of losses business owners are suffering as a result of mandated closures due to COVID-19?
- How is property and property damage defined in current policies?
- If a closure is due to the potential spread of a communicable disease--a virus--does this meet BI loss triggers?
- Do state governments, which each independently regulate the business of insurance, have the right to change the definition of terms in a signed contract, based on contract law in our country?
- If states succeed in these efforts, and require insurance carriers to approve BI claims under policies previously approved by the state department of insurance without such coverage, how will these catastrophic losses impact the financial solvency of P&C carriers?
About the Speaker
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS is the Executive Director of the Independent Insurance Agents and Brokers of America (Big "I") Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry.
During his career, Boggs has authored more than 1,000 insurance and risk management-related articles, as well as 15 insurance and risk management books.
Recording Password = NbDMg5JU
