Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading Ralph Lauren Sues Insurer For $700 Million Over Restricted Business Loss Claim. This week we’re bringing you: Has Lloyd’s Just Found The Answer For Pandemic Insurance Cover?
Businesses and insurers globally face survival showdowns*
(Reuters) — Wynand du Toit’s safari camp in South Africa’s Pilanesberg National Park lies abandoned, its tents ripped open by baboons and its survival in the balance after his insurer rejected his COVID-19 claim.
In the United States, Miami restaurant owner Luis Debayle has laid off two-thirds of his staff and is desperate for an insurance payout that could help avert the prospect of closure.
Meanwhile, Munich beer garden boss Christian Vogler is heading to the German courts in an attempt to wrestle about €1 million ($1.2 million) from his insurer.
Businesses around the world, hamstrung by lockdowns, are facing often-existential showdowns with insurance companies that are reluctant to pay out on business interruption policy claims for a disaster unknown in living memory. Read more in-depth here.
Small businesses and insurers battle over Covid-19 interruption claims*
CFC takes life sciences insurance solution to new level*
Specialist insurance provider CFC is expanding its life sciences insurance solution to accommodate the needs of mid-market companies on a global basis, according to a press release.
CFC will now be able to provide excess products liability, E&O, and clinical trials solutions for global clinical research organizations and companies manufacturing or selling medical devices, functional food and dietary supplements with a revenue threshold of £2.5 billion (around $3.3 billion). The provider can also offer limits up to $15 million.
“The life science sector is possibly one of the most dynamic and has expanded faster than most other industries in recent years, fuelled by an increasing patient and consumer demand for high-quality products and treatments,” said Sean Burke, CFC’s life science team leader. “While it hasn’t escaped the impact of the global pandemic, it is an industry sector that could make tremendous future contributions to economies around the world as it continues to pioneer treatments for new and existing conditions.” Read more in-depth here.
Has Lloyd’s just found the answer for pandemic insurance cover?*
Insurtech start-up Thimble has been selected to take part in the Lloyd’s Lab accelerator program, in which the company will develop an insurance solution to address the pandemic coverage gap of small businesses.
According to a release by Thimble, the COVID-19 pandemic has forced many small businesses to learn the hard way that their business interruption insurance does not cover losses related to the outbreak. Not only has this trend led to a severe blowback for the insurance industry, but it has also led to multiple lawsuits from business owners seeking payment, Thimble explained.
As part of the Lloyd’s Lab accelerator, Thimble will tackle this issue by developing low-limit parametric contingent business interruption coverage that would protect businesses from future pandemics. The insurtech hopes that the development of the coverage solution will serve as a “first line of defense” for small businesses that pay them once the parameters of the insurance are met. Read more in-depth here.
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