re: French Quarter restaurant suing Lloyd’s of London

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Infectious disease is neither a specifically named coverage or a specifically excluded loss.

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I believe viruses and bacteria are specifically excluded in most business interruption policies.

Also, most forms require a direct physical loss. Eg. Your building burns down so you can’t conduct business.

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Many policies exclude losses due to governmental actions. Since it is state mandated closure, probably excluded, but my guess is as good of yours since I do not know the exact verbiage.

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Most policies that provide business interruption coverage have coverage for civil authority, but that coverage only applies if there is a covered cause of loss, and since virus is excluded the coverage would not kick in

I always like looking at the lawyers pictures for some reason

Zelle



Restaurant

Would a pandemic where the tire world economy shuts down be considered an "act of god"?

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I’d actually pay lots of money to see a powerhouse London law firm’s associates take on the backwater Dudley Dubosier-types of New Orleans in a civil suit.

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Adams and Reese will be that firm

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Infectious disease business interruption claims are most definitely uncharted waters. Name the last infectious disease business interruption lawsuit smartie pants. I’ll hang up and listen.

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How communicable diseases changed business interruption insurance

The Severe Acute Respiratory Syndrome (SARS) outbreak in 2003 put insurance companies on notice.

After Mandarin Oriental International Ltd. received $16 million from its insurers to pay for business interruption losses due to SARS, policies were quickly updated to exclude certain types of disasters — specifically communicable diseases.

In another SARS-related case, the Court of Final Appeal ruled the insurance company’s liability was limited to the amount of disruption caused after the contagious disease was “required by law to be notified to an authority.”

This “trigger date” limits the amount of payment a carrier has to pay to the insured, even if the disruption began before the official reporting date. On January 8,2020, COVID-19 was included in the Prevention and Control of Disease Regulation 2020 and the Prevention and Control of Disease Ordinance, making it a notifiable disease.

But after SARS, the insurance industry began to exclude losses incurred by communicable disease in most policies. The only coverage that pays for such losses are specifically pre-negotiated.

LINK

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I’d actually pay lots of money to see a powerhouse London law firm’s associates take on the backwater Dudley Dubosier-types of New Orleans in a civil suit.

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Sounds like a John Grisham book

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Obtuse1, what you think this will do to the Rolex market?

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Oh frick me, I don't have a clue. If I had $10 for every time I have participated in the exact subject over the last week I could buy that beautiful 1958 Tropical Milgauss 6541 I have been lusting after.

Demand side you would expect Asian demand to go down and now possibly worldwide. So if you are on a list for one of the hot SS models you might get a call sooner than expected, maybe a lot sooner. Plus you have a shite load of inventory in the secondary market held by individuals and businesses that might not be able to hold on to them for the potential long haul.

Supply side we have no idea how hard it might hit the Cantons of Switzerland or border area of France where a lot of there workers live production could fall off significantly whether the crown wants it to or not.

I sold a Patek blue 5711 and a 5968 in the last month as I saw a softening beginning to show so if the vintage Rolex market dumps I am going all-in with that cash on Subs/SDs and GMTs. If they hold but the current steel models dropped to at or below retail I might pick up a Daytona C and a Pepsi but no more than that unless it really tanks. With those two if it doesn't bounce back quickly I will just wear them.

Given my retirement is down 25% in the last month I imagine there will be deals even if it is short term. It is just recognizing the bottom and being willing to buy an anachronistic luxury item when the markets are in chaos. It's all about guessing the size and length of the storm and balancing it with how shipshape you think your boat is.

Plenty of discussion on TRF and some on WUS but the Rolex mods on WUS have had a tight leash on a lot of the Rolex discussions because for a while almost all the threads were "investment" or newbies whining because no AD would take their money when all they wanted was one of the hottest watches on the planet.


ETA just hit the interwebs Rolex closes production of its manufacturing plants starting the 17th and planned to run to the 27th with the obvious possibility of further shutdowns.