Business Interruption Denials May Perpetuate Reputation Issues
It's time the P&C industry calls attention to victories, rather than waiting for the next controversy.
Almost as soon as the pandemic forced portions of the economy to close last March, businesses began filing lawsuits to compel insurance companies to pay business-interruption claims they thought were covered. Insurers have denied these claims, arguing the policies in question had specific pandemic exclusions or, more broadly, were intended only to help businesses recover from fire and other events that cause property damage.
While insurers have won a majority of the cases, the resulting publicity has painted a familiar and damaging picture of the property & casualty insurance industry. In the eyes of many consumers and businesses, insurers are financial behemoths that are happy to take a customer’s premium but reluctant to pay claims.
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