P.J. Miller
Key issues this year like a global pandemic, a changing of the guard in Washington, and an economy upended by COVID-19 will likely continue to have a major impact well into 2021. Partner P.J. Miller was asked to break out his crystal ball and forecast what the new year will bring for the insurance industry, as well as what it ultimately means for policyholders.
Travel Insurance
On the topic of travel insurance, P.J. said: “There may be some insurance carriers that could bring forth new coverages that could cover some COVID-related items, for a fee, with conditions. This would potentially exclude coverage for the traveler, but cover some expenses for cancellations of usage, or cover the traveler but not the cancellations.”
Industry travel insurance policies will also most likely require a more in-depth questionnaire to purchase coverage. “For example, you’ll get questions like “have you received the vaccine”, “are you traveling internationally”, “are you traveling to a hot zone;” and what is your age and do you have pre-existing conditions,” among others,” P.J. commented “At a minimum, expect rates to rise.”
Events Insurance
“Coverage is available now and will be available with the same conditions that are currently in-place – but no coverage for anything COVID-related,” P.J. said. “Or, event insurance could be based on number of attendees, such as the higher the number, the higher the premium. Additionally, some carriers may entertain smaller events, with specific conditions and restrictions.”
Restaurant Insurance
“As with EVERY business or entity, the lost income due to COVID-19 will continue to be excluded (not covered), even though restauranters might have seen a few courts mandate that the insurance carrier pay the business income claim,” P.J. said. “This will be fought, appealed and likely end up in a Supreme Court (state and federal). It is clearly excluded in 99.9% of all insurance policies, so it’s not just a carrier declining to pay ‘just because,’ it’s a part of the contract; therefore, the carriers will contend that this will lead to a system of ignoring contract language.”
Film and TV Production Insurance
The film and television industry will see a continuation of strict guidelines. “Those guidelines will be focused on locations, contracts with studios, waivers, disability claims for actors unable to work due to COVID-19 infections, and on down the line to the theatres, nationally and internationally,” P.J. commented.
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