Shipping insurance costs across the Black Sea are skyrocketing

LONDON, Feb 25 (Reuters) – Insurers have raised the cost of cover for merchant ships crossing the Black Sea, adding to soaring freight rates in the region for vessels still ready to sail after the invasion of Ukraine by Russia. Shipowners pay war risk insurance annually as well as an additional “infraction” premium when entering … Read more

Explanation: Can companies leaving Russia recover their losses through insurance?

March 23 (Reuters) – Hundreds of companies said they were pulling out or suspending operations in Russia after it invaded Ukraine, by energy producer Shell Plc (SHELL) to car manufacturer Hyundai Motor Co (005380.KS) to PwC, a global professional services firm. Here’s a look at how insurance and international arbitration could soften the blow to … Read more

Launch into space? Not so fast. Insurers balk at new coverage

September 1 (Reuters) – An ever-growing amount of space debris threatens satellites hovering around Earth, making insurers reluctant to offer cover to devices that transmit text, maps, video and scientific data , said industry sources. Thousands of new satellites are being launched into areas where orbital trash has been piling up since the first space … Read more

In a first, Massachusetts’ highest court rejects insurance for COVID-related business losses

Restaurants can’t recoup losses through property insurance – court State high courts in Iowa, Ohio, Vermont and Wisconsin trying similar cases (Reuters) – Massachusetts’ high court on Thursday became the nation’s first state supreme court to rule on whether businesses can recoup losses caused by COVID-19 through insurance policies by ruling that three restaurants could … Read more

Life insurance bond seller GWG files for Ch. 11 amid SEC probe

(Reuters) – Financial services firm GWG Holdings Inc, which sells bonds backed by life insurance policies, filed for Chapter 11 bankruptcy protection on Wednesday amid a probe by the Securities and Exchange Commission on corporate accounting. The Dallas-based company filed a lawsuit in the U.S. Bankruptcy Court for the Southern District of Texas with $2 … Read more