Yep insurance series#
“And then also, what was the value of the damage?” In contrast, “for COVID-19, the insurance industry has decided that it’s just not paying absent an affirmative coverage in the policy.” He added: I think things move to litigation faster and also, with a greater propensity because there’s not that belief that, ‘Hey, we can come to some agreement.’ When the answer is, ‘No, your claim is denied,’ the next step is litigation.”Ĭheatham and Bryan Wilson, MIT Fellow, have been working on their own analysis of trends in COVID litigation for a series of articles Cheatham is authoring exclusively for Carrier Management, titled “COVIDigation Nation.” In the accompanying article, “ COVIDigation: Why So Many Cases? Are More Coming?“-the first of the series-he uses Penn Law’s COVID Coverage Litigation Tracker to conclude that 69 percent of COVID insurance coverage lawsuits have been filed in just nine states. For hurricanes, coverage disputes centered around question like what share of the loss the insurance company should pick up vs. “That was a countrywide shutdown essentially, except for some remote locations, where businesses just across the board were shut down,” Cheatham said, turning to Baker to supply other reasons that COVID is a much bigger BI event in terms of the claims being filed than the storms.īaker offered that the nature of the coverage disputes is different. Providing one obvious reason for the disparity, Cheatham noted that while a hurricane hits just one area-a single state or multiple states-COVID-19 shut down almost everything for a period of time. “It’s almost five-times,” he said, comparing the COVID case counts to those following each of the storms individually. “And it’s not slowing down,” Baker added, referring to the continual trend in COVID BI coverage suit filings.Ĭheatham, who has been using the University of Pennsylvania tracker to put together analyses of his own, agreed with the assessment. While that number likely had some duplicates (owing to an overly inclusive search he uses to tap the Lex Machina tool), Baker confidently projected that the BI cases had eclipsed 700 at that point-more than Ike, Sandy, Irma and Harvey together.Īlthough Baker could not compare COVID BI case numbers with those brought in the wake of Hurricane Katrina because Lex Machina only goes back to 2009, he speculated that while the Katrina-driven suits numbers would be bigger than those for the other storms, “it wouldn’t be anything like COVID-19.”
Yep insurance software#
The University of Pennsylvania has been tracking insurance coverage litigation on a COVID Coverage Litigation Tracker (CCLT) powered by Lex Machina, machine learning-focused legal analytics software that harvest information from PACER, the federal docket system.Ī webinar slide based on recent CCLT output indicated a figure of 694 total COVID-19 business interruption insurance coverage lawsuits, but Baker said that he had seen a list of 69 new cases on the day of the webinar-July 21. For Sandy, Irma and Harvey, case filings were less than 100 in similar time frames.
“It’s a big deal,” he added, displaying line graphs with case spikes that rose to less than 100 for Hurricane Ike a year after the third-quarter 2008 event, and to roughly 150 a year later.
“They exceed the norm by two or three times all the nat cats,” he said, comparing the current level of COVID-19 cases in federal courts to the business interruption coverage suits filed after those natural catastrophes. Baker, an expert in insurance law and policy, showed an analysis of the numbers of business interruption coverage suits following past catastrophe events between 20-in particular, Hurricanes Ike, Irma and Harvey and Superstorm Sandy and COVID-19.
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