Topic: COVID-19

Insurers and Reinsurers can Expect COVID-19 Claims as Varied as the Virus Vectors

As the U.S. and the rest of the world grapple with the appropriate means and steps to mitigate the spread of the COVID-19 version of Coronavirus, insurers and reinsurers can expect their insureds to submit all manner of claims if they are not already inundated with them. Third-party claims against insureds are also likely, with requests for defense and indemnity soon to follow.

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New York, Against COVID-19 Backdrop, Issues Circular Letter Expanding Ability for Insurers to Offer “Cancel for Any Reason” (CFAR) Products

On March 6, 2020, the New York Department of Financial Services (“NYDFS”) issued Insurance Circular Letter No. 4 (the “Circular Letter”) addressing the ability for insurance companies to offer “Cancel for Any Reason” or “CFAR” benefits in the state. The Circular Letter clarifies the ability for both insurance companies as well as insurance agents to offer CFAR benefits in New York and, while not directly overruling prior guidance, the Circular Letter substantially expands opportunities for insurance companies to offer CFAR coverage in the state in light of the Novel Coronavirus pandemic.

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What Insurers Should Know: New York Department of Financial Services Issues Guidance and Call for Special Report Related to COVID-19

With the increased uncertainty around how Insurers can and should respond to the Novel Coronavirus (“COVID-19”), the New York State Department of Financial Services (“DFS”) has issued guidance to (i) all DFS Regulated Entities requesting that all such entities have preparedness plans to address the risks posed by COVID-19; and a call for special report to (ii) all authorized Property/Casualty Insurers requesting such insurers to provide policyholders with information and developments surrounding business interruption and related coverage written in New York.

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