Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading Newcomers See Chance To Step Into Insurance Market Amid Pandemic. This week we’re bringing you: Berkshire Hathaway Fires Back In COVID-19 Coverage Dispute
AHT Insurance acquires Mason & Mason*
AHT Insurance, a Virginia-based property and casualty brokerage and consulting firm, has today announced its acquisition of Mason & Mason Insurance (Mason).
Mason, which has offices in Whitman, MA, and North Conway, NH, has been in business for more than 40 years, delivering P&C insurance programs to fit the needs of businesses and individuals. The brokerage has a focus on niche businesses and is recognized as a specialist service provider for venture capital, technology and life science firms. It is also one of the largest providers of insurance to custom home builders and remodelers in Massachusetts and is the managing agent for Builders and Remodelers Association of Massachusetts sponsored insurance program.
AHT and Mason are well-known to each other and they share similar strategies and areas of focus. They are two of the founding agencies of TechAssure, a non-profit association dedicated to advancing corporate insurance and risk management for technology, life science and venture capital related risks. AHT president and CEO David Schaefer expressed his excitement about the synergies to come. Read more in-depth here.
Property data expert launches integrated insurance technology*
Global insurance industries in North America, Australia, New Zealand, and Europe can now benefit from CoreLogic’s new insurance technology, as the property insights and solutions provider rolls out its first fully-integrated proposition designed to seamlessly engage and protect policyholders and portfolios.
Features include virtual workflow platforms for both underwriting and claims; what was described as unique data-driven insights that will help in decision-making; as well as portfolio management and risk monitoring services.
According to CoreLogic, the new offering makes it easy for clients to connect to a host of innovative third-party insurtech solutions, thanks to its open architecture and “industry-leading” application programming interface framework. Read more in-depth here.
Berkshire Hathaway fires back in COVID-19 coverage dispute*
Berkshire Hathaway Inc. asked a federal court on Monday to dismiss a lawsuit filed by a policyholder of one of its insurance units that sought business interruption coverage for losses related to the coronavirus.
In a motion to dismiss, Berkshire Hathaway said the National Fire & Marine Insurance Co. policy included a virus exclusion barring coverage, and other terms of the policy included a requirement for direct physical loss or damage to trigger business interruption coverage.
In the original proposed class-action suit filed last month in federal court in Pittsburgh, 1 S.A.N.T. Inc. d/b/a Town & Country and d/b/a Gatherings Banquet & Event Center v. Berkshire Hathaway Inc., a New Castle, Pennsylvania, restaurant and tavern argued that Berkshire Hathaway wrongly denied its claim for business interruption coverage for income lost during the COVID-19 lockdown. Read more in-depth here.
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