Richard Lara, the California Insurance Commissioner issued Bulletin 2020-3 on April 13, 2020. The subject is Premium Refunds for various lines of insurance, most notably auto insurance and Workers’ Compensation insurance. To protect consumers and to provide consistent direction to the …
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Does your Business Interruption Insurance cover loss during COVID lockdown?
We have had many conversations with insureds who wish to know if their commercial insurance policy that includes business interruption insurance will cover their business loss during the COVID lockdown. This April 14, 2020, “Notice” from the California Insurance Commissioner requires that all …
Insurance 101: Frequency Leads to Severity
“Frequency leads to severity” is one of the first axioms taught in the property and casualty insurance industry. Underwriters review historical loss data on each risk, current customers, and potential new customers; loss frequency is one of the most important lenses they use to determine risk …
