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National Association of Mutual Insurance Companies Applauds Announcement of Record-Breaking Mitigation Funding
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Insurance Groups Tell 4th Circ. COVID Losses Not Covered
Law360 (July 27, 2021, 8:14 PM EDT) Two insurance company trade groups once again threw their support behind insurers fighting against COVID-19 business interruption cases, telling the Fourth Circuit on Tuesday that property carriers are not responsible for all of society s misfortunes.
The American Property Casualty Insurance Association and the National Association of Mutual Insurance Companies said commercial property insurance policies pay only for losses related to natural disasters, such as fires and hurricanes, and were never intended to cover pure financial losses from a pandemic. Property insurers are not, and cannot be, guarantors against the consequences of all unfortunate events that impact society at large, the two.