Author Topic: BRK and business interruption insurance  (Read 5235 times)

DooDiligence

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Re: BRK and business interruption insurance
« Reply #10 on: April 16, 2020, 01:55:44 PM »
It's funny. Fear of loss as an incentive. Now we have fear of loss from government due to risks you had no way to foresee and explicitly excluded. Essentially...a tax!

It's far worse than a tax. It's a third party capriciously changing contracts after signing.

This administration has gone to great lengths to destroy trust.
Quite consistent with the way Trump has always operated.

This would be the final thrust into the heart of trust.
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scorpioncapital

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Re: BRK and business interruption insurance
« Reply #11 on: April 21, 2020, 12:39:43 AM »
I am surprised Trump, the businessman, would be advocating for this. Everything he has done has been pro business like lower taxes and regulation.

Is the idea of these retrocessional pandemic interruption clauses that the government would then reimburse the insurer in part, like a chain of reimbursement or the idea is pretty much to stiff the insurance companies? I don't really understand it since the Federal government has been doing a ton of helicopter money why would they not just pay the tenants or landlords or insurer directly with federal cash? Why are they looking for a scapegoat in one area vs another?

petec

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Re: BRK and business interruption insurance
« Reply #12 on: April 21, 2020, 01:20:06 AM »
I am surprised Trump, the businessman, would be advocating for this. Everything he has done has been pro business like lower taxes and regulation.


Can't be anything to do with the fact that his own businesses probably have business interruption insurance ;)
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scorpioncapital

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Re: BRK and business interruption insurance
« Reply #13 on: April 21, 2020, 01:43:17 AM »
I've been reading many articles on this subject and it seems it really is not covered under almost any policy. But they will try to 'legal up' no doubt. I find the American system fascinating. In several other countries in Europe and Canada, the government would just subsidize businesses with a generous make-whole system or just compensate the individuals directly with cash deposited directly in the bank. In this way there is absolutely no need to sue or go after an insurer. But I am not sure why in the USA people are not made whole, at least temporarily, during these closures.

The Investor

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Re: BRK and business interruption insurance
« Reply #14 on: April 21, 2020, 02:41:23 PM »
The probability of these lawsuits/attempts to retrospectively change contracts succeeding on a large scale is very small indeed I would say.

DooDiligence

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Re: BRK and business interruption insurance
« Reply #15 on: April 28, 2020, 06:24:40 PM »
I just saw the 1st television ad, from a local ambulance chaser, soliciting plaintiffs re: business interruption insurance.

https://youtu.be/Ph4WwzL7csE

and here's the same turd being arrested for DUI & refusing the field sobriety test & the breathalyzer.

www.pnj.com/story/news/2016/06/01/maloneys-dui-charges-dropped/85243512/

He used to run a bunch of ads saying "if you've been arrested for drunk driving, don't call me".

A real smug POS.
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Spekulatius

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Re: BRK and business interruption insurance
« Reply #16 on: April 30, 2020, 06:27:07 PM »
I am surprised Trump, the businessman, would be advocating for this. Everything he has done has been pro business like lower taxes and regulation.

Is the idea of these retrocessional pandemic interruption clauses that the government would then reimburse the insurer in part, like a chain of reimbursement or the idea is pretty much to stiff the insurance companies? I don't really understand it since the Federal government has been doing a ton of helicopter money why would they not just pay the tenants or landlords or insurer directly with federal cash? Why are they looking for a scapegoat in one area vs another?

Haha,self interest? He owns business as well that are closed right now.
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fareastwarriors

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rolling

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Re: BRK and business interruption insurance
« Reply #18 on: May 26, 2020, 08:54:26 AM »
French restaurant ruling puts coronavirus claims on global menu

https://www.reuters.com/article/us-health-coronavirus-axa/french-restaurant-ruling-puts-coronavirus-claims-on-global-menu-idUSKBN2320TQ
They do admit that the contract (and other identical contracts) contained some ambiguity. WEB did say he was aware of at least one insurer who also had that ambiguity on their contracts and would have to pay. He ruled it out for berkshire contarcts
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StubbleJumper

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Re: BRK and business interruption insurance
« Reply #19 on: May 26, 2020, 09:10:52 AM »
French restaurant ruling puts coronavirus claims on global menu

https://www.reuters.com/article/us-health-coronavirus-axa/french-restaurant-ruling-puts-coronavirus-claims-on-global-menu-idUSKBN2320TQ
They do admit that the contract (and other identical contracts) contained some ambiguity. WEB did say he was aware of at least one insurer who also had that ambiguity on their contracts and would have to pay. He ruled it out for berkshire contarcts


Apparently the wording used in British insurance contracts may have sometimes been ambiguous as well.  Not a direct problem for BRK, but who knows what GenRe might have reinsured.


SJ