OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of AMBestTV, Brady Kelley, executive director, Wholesale & Specialty Insurance Association (WSIA) and other key WSIA executives spoke about how insurers must educate policymakers on why business interruption writers should not be forced to pay retroactive COVID-19 claims. Click on http://www.ambest.com/v.asp?v=wsiapanel520 to view the entire program.
“WSIA is strongly opposed to any proposed legislation that would force an insurer to pay for a loss that it didn’t sell coverage for,” said Kelley. “There are states and some federal lawmakers who are looking for ways to retroactively apply coverage for business interruption. WSIA, along with all of the national trades, are looking for ways to educate policymakers on why business interruption writers cannot pay COVID-19 claims for coverage they never wrote.”
No segment seems to be immune from the COVID-19 pandemic, including the surplus lines segment.
“These are uncharted waters for all of us, and the impact to all of us has been significant,” said Bryan Sanders, president, Markel U.S. Insurance and president, WSIA. “Some companies are really struggling with the business interruption, so our industry has been focused on responding and meeting the needs of those members as soon and as best we can.”
Other participants in this episode include:
Davis Moore, chief executive officer, Worldwide Facilities LLC and WSIA vice president; and
Brenda Austenfeld, president, RT Specialty’s National Property Practice and WSIA board member.
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