Tech Risk Report

Protecting Innovative Companies Against 21st Century Risks

Latest from Tech Risk Report

UK COVID-19 Business Interruption Disputes Process May Offer Guidance to US Policyholders

By Norton Cutler, Jim Davis & Bradley Dlatt

July 6, 2020

The insurance industry in the United States continues to thwart legislative solutions for disputed COVID-19-related losses under property/business interruption policies and resists efforts to group lawsuits together into multi-district federal litigation or class actions. Meanwhile, the independent regulator of insurers in the United Kingdom, the Financial Conduct Authority (FCA), is trying to take a more organized and direct approach. Although the FCA indicated that it did not believe coverage existed for most claims for COVID-19-related…

Tech Risk Report

Podcast Series: Key Insurance Considerations Amid COVID-19

By Perkins Coie LLP

June 25, 2020

In the latest episode of the podcast series Insurance Considerations Amid COVID-19, we are joined by Deborah White, president of the Retail Litigation Center (RLC) and senior executive vice president and general counsel of the Retail Industry Leaders Association (RILA). Deborah provides insight and analysis regarding the retail industry’s varied and innovative response to the pandemic, including how large retailers deal with the patchwork of evolving state and local regulations and how they are innovating…

Tech Risk Report

Key Issues to Consider When Contemplating a Switch From an Occurrence-Based to a Claims-Made General Liability Insurance Program

By Michael Sharkey

June 22, 2020

General liability coverage is insurance that responds to sums that the policyholder is legally obligated to pay as damages because of bodily injury or property damage to third parties (and generally will also include either a duty to defend such claims or to reimburse defense costs). Thus, general liability coverage would respond to such tort claims as slip-and-fall lawsuits and product liability exposures. In addition, most such policies also cover certain enumerated personal or advertising…

Tech Risk Report

United States vs. Europe: How Insurers Have Responded to Business Interruption Claims Related to COVID-19

By Jim Davis & Molly Mitchell

June 9, 2020

As the COVID-19 pandemic spreads across the globe, countries have by and large placed limitations on how certain businesses can operate and have required other businesses to temporarily cease operations altogether. Businesses impacted by these restrictions have suffered substantial financial losses and, unsurprisingly, are looking to their business interruption insurers to cover these losses. As businesses begin to make business interruption claims, a stark contrast is arising between how U.S. and European insurers and governments…

Tech Risk Report

Fundamentals of Business Interruption Coverage—What Tech Startups Might Need to Know

By Alli Zamani

May 19, 2020

What is Business Interruption Coverage? Business Interruption Coverage is a type of insurance coverage that compensates you for lost revenue when your business is unable to operate for a period as result of some physical property loss or damage caused by a covered peril. The most common example is a fire that damages a business property. If that damage prevents a business from operating as usual, business interruption coverage could provide the revenue your company…

Tech Risk Report

Cryptocurrency Insurance 101

By J. Camille Fisher

May 4, 2020

Cryptocurrency is a digital or virtual asset that relies on cryptography to verify and secure transactions. Most cryptocurrencies have no central regulatory authority (i.e., the federal government), but rather run on decentralized systems through the use of blockchain technology to record transactions and assign new “tokens.” While blockchains provide a high sense of security and self-regulation, they are not risk-free. The insurance market has been slow to enter the cryptocurrency world, but some insurers have,…

Tech Risk Report

COVID-19 Insurance Alert: Review Insurance Policies for Vacancy-Related Provisions

By Perkins Coie LLP

April 17, 2020

By Nicholas Gellert In response to the COVID-19 pandemic, many business locations are shuttered, with work being done, if at all, only remotely. In addition, many businesses or owners of real property may have already filed or are considering filing insurance claims for associated losses from not being able to use their owned or leased premises. The purpose of this piece is to caution owners or tenants to review their property policies closely for vacancy-related…

Tech Risk Report

California Insurance Commissioner Issues Notice Requiring Heightened Scrutiny for Business Interruption Claims

By Perkins Coie LLP

April 17, 2020

By Jay Rossiter, Les Brown There is growing evidence that the insurance industry is taking a concerted, joint approach to denying business interruption claims that relate in any way to COVID-19. Even if a business purchased insurance to protect against business interruption, civil authority orders, and other related events, insurance companies are discouraging and/or denying such claims without even reviewing the specific facts or insurance policy language that might be at issue. Unfortunately, insurance…

Tech Risk Report

COVID-19 Insurance Documentation Checklist

By Vivek Chopra & Selena Linde

April 15, 2020

Multiple insurance policies may ultimately be triggered as a result of the global COVID-19 pandemic. Companies should keep detailed records now to assist with any future insurance claims. The attached is a preliminary documentation checklist which will aid companies in maximizing their insurance once claims are filed. COVID-19 Insurance Documentation Checklist…

Tech Risk Report

Congress or the States Could Use the Existing Mechanism of BI Claims to Provide a Further Bailout to Businesses That Are Hurt by COVID-19

By Norton Cutler & Bradley Dlatt

April 10, 2020

The general intent of business interruption (BI) insurance is to cover unexpected losses to the business from the inability to use property necessary to run the business. The current form BI policies have a mechanism for making a claim for loss of revenue and/or increased costs to the business. They typically also have Civil Authority coverage to replace lost revenue when the government closes a business’s property, but carriers generally consider this a limited remedy…

Tech Risk Report

Protecting Innovative Companies Against 21st Century Risks

Blog Authors

UK COVID-19 Business Interruption Disputes Process May Offer Guidance to US Policyholders

Podcast Series: Key Insurance Considerations Amid COVID-19

Key Issues to Consider When Contemplating a Switch From an Occurrence-Based to a Claims-Made General Liability Insurance Program

United States vs. Europe: How Insurers Have Responded to Business Interruption Claims Related to COVID-19

Fundamentals of Business Interruption Coverage—What Tech Startups Might Need to Know

Cryptocurrency Insurance 101

COVID-19 Insurance Alert: Review Insurance Policies for Vacancy-Related Provisions

California Insurance Commissioner Issues Notice Requiring Heightened Scrutiny for Business Interruption Claims

COVID-19 Insurance Documentation Checklist

Congress or the States Could Use the Existing Mechanism of BI Claims to Provide a Further Bailout to Businesses That Are Hurt by COVID-19

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