- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Business Interruption Insurance
Posted on 8/10/20 at 4:04 pm
Posted on 8/10/20 at 4:04 pm
Does LSU have insurance that could offset some of the revenue loss if the football season is cancelled?
Posted on 8/10/20 at 4:35 pm to BastropRam13
You would think/hope with all the money at risk they would have some form of risk management.
Posted on 8/10/20 at 5:22 pm to BastropRam13
I think Skip Bertman was on local radio a few months back discussing that. If I remember right he said the insurance would only cover about 20% of revenue
Posted on 8/10/20 at 8:28 pm to Glock17
I gotta think there’s a policy in place for things like hurricanes.
If some lawyer for LSU slipped in some coverage for a pandemic then said lawyer deserves a hefty pay raise
If some lawyer for LSU slipped in some coverage for a pandemic then said lawyer deserves a hefty pay raise
Posted on 8/10/20 at 9:03 pm to Boh
quote:
I gotta think there’s a policy in place for things like hurricanes.
If some lawyer for LSU slipped in some coverage for a pandemic then said lawyer deserves a hefty pay raise
How would a lawyer " slip in " coverage for this or any other type of coverage. The insurance broker knows what is in the policy, the types of losses insured against and the applicable exclusions.
There may be legal issue surrounding the meanings of the policy terms and ambiguous terms are generally resolved in favor of the insured party. If such applies should the season be interrupted or cancelled then possibly a skilled attorney might prevail on behalf of the university.
Posted on 8/10/20 at 9:57 pm to tigersbb
Right i guess “slipped in” isn’t the proper way to put it. But it would be amazing for LSU and other schools if they were able to include this type of once in 100 year non-weather event in the coverage when discussing with broker
Posted on 8/10/20 at 10:08 pm to BastropRam13
It would an event cancellation policy which due to Covid are unlikely pay out if the policy has renewed in the last 4-5 months
Posted on 8/10/20 at 10:13 pm to Boh
quote:
Right i guess “slipped in” isn’t the proper way to put it. But it would be amazing for LSU and other schools if they were able to include this type of once in 100 year non-weather event in the coverage when discussing with broker
These are insurable events, unless renewed recently. Carriers are removing coverage for anything related to “communicable disease” on any new policies
Posted on 8/10/20 at 10:54 pm to BastropRam13
Because whenever the university would attempt to make a claim on the policy, the insurance company, like in the vast majority of these sorts of policies and the related claims, would 1) deny coverage and then, 2)very quickly hire me or another defense attorney to do everything possible to keep the company from ever having to pay-up.
There are certain types of policies that it’s very difficult to get an admission of coverage on, and Business Interruption Policies definitely fall into that category.
It ain’t pretty, but it’s the honest to God’s truth...
GEAUX TIGERS!!!
There are certain types of policies that it’s very difficult to get an admission of coverage on, and Business Interruption Policies definitely fall into that category.
It ain’t pretty, but it’s the honest to God’s truth...
GEAUX TIGERS!!!
Posted on 8/11/20 at 5:14 am to BastropRam13
After HN1, Swine Flu, and SARS most insurers put virus and bacteria exclusions in their policies among other things that would exclude coverage for these types of things.
So unless there is specific coverage theough Lloyd bought for this or the insurance company did not change the policy like the vast majority of insurers there would be no coverage for this.
So unless there is specific coverage theough Lloyd bought for this or the insurance company did not change the policy like the vast majority of insurers there would be no coverage for this.
Posted on 8/11/20 at 6:16 am to BastropRam13
Wimbledon and The British open had pandemic coverage, and if I recall they paid $1M per year so it ain’t cheap. This is one reason they were so quick to cancel those tournaments.
It’s highly unlikely that schools have this coverage for their football programs.
It’s highly unlikely that schools have this coverage for their football programs.
Posted on 8/11/20 at 7:04 am to BastropRam13
Standard policies don't cover for pandemic (or civil authority arising from it [or other uncovered/excluded causes])
You have to pay extra for an endorsement providing such coverage (or a separate policy altogether).
You have to pay extra for an endorsement providing such coverage (or a separate policy altogether).
Posted on 8/11/20 at 7:43 am to ItTakesAThief
quote:
So unless there is specific coverage theough Lloyd bought for this or the insurance company did not change the policy like the vast majority of insurers there would be no coverage for this.
Even businesses with specific pandemic policies are being denied coverage.
"The lawsuit seeks court affirmation that the insurer must cover Oceana Grill’s lost revenue because the restaurant paid for a policy that covers risks from all pathogens except those introduced through “terrorism or malicious use.”"
Article - Businesses Thought they Were Covered
This post was edited on 8/11/20 at 7:47 am
Posted on 8/11/20 at 8:19 am to BastropRam13
LSU/SEC/NCAA would cancelling the season voluntarily. Business Insurance doesn't pay for self inflicted damage.
Posted on 8/11/20 at 8:20 am to chimesstreet
I saw some of those. They covered specific named diseases. Basically thing that were already known about and being prevented. If it was a new disease and not named specifically in the policy. Then no coverage.
Popular
Back to top
Follow TigerDroppings for LSU Football News