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- Title
WHEN THE SECOND SHOE DROPS: COVID-19 LOSSES AND REINSURANCE.
- Authors
SCHIFFER, LARRY P.
- Abstract
On the other hand, the volume of non-COVID-19 claims is way down, and many claims are settling because of the court delays.25 More importantly, if property insurers are forced to pay COVID-19 business interruption losses, those insurers' ability to pay non-COVID-19 claims may be impacted. In the context of these business interruption losses, advice ceding insurers may obtain from coverage counsel on whether their policies must respond -- and if so, how those losses may be aggregated for reinsurance purposes -- is something ceding insurers will want to keep confidential. If the reinsurance contract has a sole judge provision,35 reinsurers may question the scope and reasonableness of the ceding insurer's determination of what constitutes a loss under the reinsurance contract.
- Subjects
COVID-19; REINSURANCE; TERRORISM insurance; CAPTIVE insurance companies; PROPERTY insurance companies
- Publication
Brief, 2020, Vol 50, Issue 1, p50
- ISSN
0273-0995
- Publication type
Article