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- Insurance Topics | Business Interruption Business Owner Policy - NAIC
The insurance industry opposes retroactive BI payments due to concerns about insurer insolvency and subsequently, the inability to pay existing policyholders’ claims According to the American Property Casualty Insurance Association (APCIA), the industry holds a nearly $800 billion surplus to pay all future losses APCIA notes this surplus is
- Pandemic Business Interruption Insurance Coverage: Insights from WSB . . .
Ū Private insurers can provide BI insurance, if priced properly Capacity exists for most any kind of coverage It is all a matter of the cost; need to be able to set contract terms Ū The government’s provision of insurance has a number of offsetting flaws, including an inability to price it rationally as evidenced by other federal programs
- The History and Development of Business Interruption Insurance
This paper chronicles the development of business interruption (BI) insurance in the U S The origin of modern-day BI insurance is traced as it evolved from so-called “profits insurance” in the United Kingdom (UK) and an endorsement to basic fire insurance policies in the U S to stand-alone BI insurance as it is known today This
- Interpretation of the Emerging Accounting Issues Working Group
BI insurance differs from other types of insurance coverage in that it is designed to protect the prospective earnings or profits of the insured entity That is, BI insurance provides coverage if business operations are suspended due to the loss of use of property and equipment resulting from a covered cause of loss BI insurance coverage generally
- Feasibility Questions About Government- Sponsored Insurance for . . .
Insurance Act (PRIA), which was introduced in May 2020, among other proposals PRIA, structured similarly to the Terrorism Risk Insurance Act (TRIA), would provide federally-backed BI insurance for pandemics OBJECTIVES The authors assert that PRIA in its current form is problematic and discuss two alternative solutions that borrow
- COVID-19 and Pandemic Business Interruption Coverage
Business Interruption (BI) Insurance • Protects against losses sustained due to periods of suspended operations The suspension, however: • must be typically caused by a covered cause that results in direct physical loss or damage to the property • may have specific exclusions for viral infections such as COVID-19
- [Business Interruption Pandemics] [Regulator Insight]
Business interruption (BI) insurance is intended to help keep small businesses afloat in case of a temporary closure However, only about 40% of small businesses purchase BI coverage and many of those policies have pandemic or virus exclusions Pandemic exclusions are common due to the systemic nature of the risk; insurance is
- Journal of Insurance Regulation - National Association of Insurance . . .
interruption (BI) insurance policies cover these losses, while insurers generally contend that their BI policies exclud e coverage for a variety of reasons 1 We explain the basic coverage contentions below Additionally, several states are considering measures that would retroactively establish coverage for pandemic-caused losses under BI
- COVID-19 PROPERTY CASUALTY INSURANCE BUSINESS INTERRUPTION DATA CALL
premium in all instanc es For example, in a BOP where BI coverage is part of the base policy An accommodation was made to allow the total policy premium (Total Premium Written) to be reported in addition to the BI portion of the premium (BI Premium Written) where it could be s eparately determined
- Publications - National Association of Insurance Commissioners
Offers valuable and in-demand information on health insurance Derived from the NAIC Accident and Health Policy Experience Exhibit, the report includes aggregated data from the exhibit in the P C, health, life and fraternal blanks; extensive breakouts of market share data; company index; and important statistics - such as loss ratios, number of policies and certificates, and number of covered
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