Tag Archives: Property Damage & Business Interruption

Too damaged to repair? How to maximize your insurance recovery

When a loss event badly damages a key piece of equipment or machinery, an insured business often faces the complicated question: repair or replace? This is especially so when the extent of the damage is unclear because some may still be hidden. A business presented with this dilemma is well advised to go through that … Continue Reading

A tale of two opinions: The meaning of “physical loss” in the context of commercial property policies for Covid-19-related losses in Pennsylvania

By Andrew Kintner and Max Louik on 30 January 2023 Posted in COVID-19, Insurance Coverage, Insurance General, Property Damage & Business Interruption

With the onset of the Covid-19 pandemic in 2020, businesses across the country were forced to shut their doors and turn to their commercial property insurance companies to seek coverage. With their properties having been rendered useless for their intended (and insured) business purposes, these insureds reasonably expected their “all risk” policies would provide the promised … Continue Reading

FCA v. Arch and others – The UK Supreme Court’s final word on business interruption insurance losses in light of the COVID-19 pandemic

By Peter Hardy, Margaret Campbell, Mark Pring, Laura-May Scott, Catherine Lewis, Emily McMahan, Charlotte Stewart-Jones and Thomas Morgan on 3 February 2021 Posted in Insurance Coverage, Property Damage & Business Interruption

The United Kingdom Supreme Court (UKSC) handed down its judgment on 15 January 2021 in The Financial Conduct Authority v. Arch Insurance (UK) Limited and Others. This test case was brought by the FCA on behalf of SME business interruption (BI) policyholders who have suffered financial losses as a result of COVID-19. The High Court … Continue Reading

COVID-19 event cancellation insurance – good news and bad news

By Mark Pring, Elizabeth F. Vieyra and Anthony B. Crawford on 25 June 2020 Posted in Commercial General Liability, Insurance Coverage, Insurance General

A concert promoter cancels a sold-out show of a world-renowned recording artist, reimbursing millions of dollars in ticket sales as a result. If the reason for the cancellation was COVID-19, does insurance cover that? Event Cancellation Insurance Basics Event cancellation insurance generally provides coverage only when there has been a triggering event under the policy. … Continue Reading

Join us for an on-demand webinar “What policyholders really need to know about insurance for COVID-19”

By Elizabeth F. Vieyra on 17 June 2020 Posted in Commercial General Liability, D&O, E&O, Professional Liability, Insurance Coverage, Insurance General, Property Damage & Business Interruption, Uncategorized

Reed Smith Insurance Recovery partners John Shugrue, John Ellison, Amber Finch, Richard Lewis, and Matthew Weaver offer discussion and analysis on key issues relevant to businesses seeking, or evaluating whether to seek, coverage for COVID-19 losses. This webinar is available on demand and you can register here. Here’s a brief summary of the topics addressed in … Continue Reading

Ten important steps a cannabusiness should consider when purchasing insurance

By Mike Sampson on 13 March 2018 Posted in Insurance Coverage, Insurance General

Purchasing insurance for a cannabusiness can feel like a daunting task, but it does not have to be one. In addition to grappling with many of the same issues and questions that any business confronts when seeking insurance, a cannabusiness encounters certain additional, unique challenges due to the industry in which it operates. That is … Continue Reading

Potentially Fraudulent Insurance Company Practices Are Exposed In Superstorm Sandy Litigation

By Jay M. Levin and Jennifer Katz on 11 December 2014 Posted in Insurance News of Note, Property Damage & Business Interruption

We recently marked the two year anniversary of Superstorm Sandy. With that anniversary came an influx of litigation in response to insurance companies denying or overly limiting coverage. That litigation recently revealed highly questionable practices within the industry.… Continue Reading

The End of the Snow Is Still Not the End of the Problems For the Buffalo, NY Area

By Anthony B. Crawford on 25 November 2014 Posted in Property Damage & Business Interruption

The Buffalo, New York area has been devastated with record level snowfalls causing widespread damage. Now that the snow has stopped falling, warmer weather and potentially heavy rainfall may cause flooding and will likely exacerbate the losses being experienced. This will complicate insurance claims because policyholders will inevitably face pushback from insurance companies regarding the extent of damage from the snowstorms versus subsequent flooding.… Continue Reading

Property Exposed to the Ebola Virus – Are Associated Business Income Losses Covered Under First Party Policies?

By Rich Lewis on 30 October 2014 Posted in Property Damage & Business Interruption

Can policyholders expect coverage for loss of Business Income if (1) they must close their business and decontaminate it after the property is exposed to persons with the Ebola virus or (2) civil authorities prohibit access to their property because of such exposure?… Continue Reading