search

The Real Deal Logo

Trending

Billionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida move“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab lawHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsYellowstone drops approximately $200M on 1740 Broadway debtYellowstone drops approximately $200M on 1740 Broadway debt
Commercial
Chicago

Insurers better act fast to pay looting-related retailer claims: State

Pritzker also called on insurers to freeze policy cancellations and non-renewals for 60 days to help businesses damaged from the days of vandalism

Gov. Pritzker has called on insurers to quickly pay out claims on small businesses whose stores were looted or vandalized during the days of protest. (Getty)
Gov. Pritzker has called on insurers to quickly pay out claims on small businesses whose stores were looted or vandalized during the days of protest. (Getty)

In Chicago and across the state, many retailers are still tallying the vandalism and looting their stores sustained, which accompanied some of the massive protests for racial justice following the killing of George Floyd.

Now, Gov. J.B. Pritzker is calling on insurance companies to expedite their claims for those damaged small businesses, and implement a 60-day freeze on policy cancellations or non-renewals, according to Crain’s.

Sign Up for the undefined Newsletter

At a news conference on Monday, the governor urged “insurers must do the right thing and do it fast,” the outlet reported.
The state Department of Insurance sent a letter to insurers licensed in Illinois, asking them to comply. Though the letter was sent as a request, Crain’s noted that language made clear that insurers should take steps to comply.

To help speed claims, insurers should consider designating looting as a catastrophic event, according to the state. Insurers should also pay those claims even if retailers have fallen behind on their own payments because of lost revenue from coronavirus closures.
Insurance association officials expressed concern over the freeze on policy cancellations and non-renewals, Crain’s reported, saying that move could potentially lead to higher rates in the future. [Crain’s] — Alexi Friedman

Tags
CoronavirusGeorge Floyd Protests