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  #71  
Old 03-31-2020, 02:35 PM
Noonien Soong Noonien Soong is offline
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Good question. In my experience, most reinsurance contracts have XPL/ECO exclusions, so if the primaries are obligated by statue, the reinsurers could escape unscathed.
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  #72  
Old 03-31-2020, 05:07 PM
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Quote:
Originally Posted by Noonien Soong View Post
Good question. In my experience, most reinsurance contracts have XPL/ECO exclusions, so if the primaries are obligated by statue, the reinsurers could escape unscathed.
not sure about other lines, but rein on medmal does cover XPL/ECO. FWIW.
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  #73  
Old 03-31-2020, 05:22 PM
tommie frazier tommie frazier is offline
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article today mentioned some potential need for relief for premium grace periods to extend beyond 90 days. premium due that is 90 days or more late is currently non admitted asset.

The next step on that path is that the premium that isn't ever paid but losses have to be honored somehow.
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  #74  
Old 03-31-2020, 05:23 PM
tommie frazier tommie frazier is offline
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not sure about other lines, but rein on medmal does cover XPL/ECO. FWIW.
thought it was common in all LOBs. allegations of bad faith in claims handling is something you want protection from. judgement beyond the limits too.
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  #75  
Old 03-31-2020, 05:24 PM
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Many of the reinsurance contracts I've looked at do cover XPL/ECO, but sometimes have a sublimit.
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  #76  
Old 03-31-2020, 05:55 PM
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Originally Posted by tommie frazier View Post
article today mentioned some potential need for relief for premium grace periods to extend beyond 90 days. premium due that is 90 days or more late is currently non admitted asset.

The next step on that path is that the premium that isn't ever paid but losses have to be honored somehow.
This already is a pr nightmare, no? business-as-usual cancelations for non-payment (especially for my LOB-medmal) will be bad pr and bad customer service, but, as you say, coverage issues remain
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  #77  
Old 03-31-2020, 06:37 PM
dshaw dshaw is offline
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Has anyone seen any information related to the total percentage of the population expected to contract COVID-19? For example, an estimate of the percentage of people in state (or country) X expected to have contracted COVID-19 by this time next year?

I imagine it would be tricky to estimate, but I haven't been able to find any research or discussions on it so I thought I'd ask.
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  #78  
Old 03-31-2020, 06:39 PM
tommie frazier tommie frazier is offline
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This already is a pr nightmare, no? business-as-usual cancelations for non-payment (especially for my LOB-medmal) will be bad pr and bad customer service, but, as you say, coverage issues remain
correct. the pathway is set up to where failure to pay premium by claiming hardship will mean everyone keeps policy in place. said differently, a policyholder will have to opt out of a policy even if they decide not to pay for it. I think the threat of that is real. pressure on the insco will be enormous and the PR will be awful. that's for almost any LOB. but healthcare in particular or WC or GL for companies forced to remain in operation for some reason (essential function).
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  #79  
Old 03-31-2020, 08:40 PM
JMBNYC JMBNYC is offline
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Quote:
Originally Posted by Noonien Soong View Post
Good question. In my experience, most reinsurance contracts have XPL/ECO exclusions, so if the primaries are obligated by statue, the reinsurers could escape unscathed.
The vast, vast majority of treaties I have seen cover ECO/XPL but at 90% of the total loss rather than the full 100%.
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  #80  
Old 03-31-2020, 09:20 PM
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The CAS just published a paper that discusses potential LOB impacts including WC, Property, Event Cancellation, Cyber, etc.

I can't find the link for it though.
Perhaps this?

https://www.casact.org/research/COVI..._3-27-2020.pdf
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