Following a landmark pandemic business interruption (BI) ruling by an Ohio judge against Zurich American, analysts at KBW and Credit Suisse have warned that the case could have wider ramifications for the insurance and reinsurance industries.
In the recent Ohio case, the federal judge ruled that Zurich must pay out on losses suffered by more than a dozen local restaurants that were subject to government shutdown orders.
Several important verdicts were reached regarding the policy language of the BI policies in question, including the ruling that BI coverage does not require structural damage to a property.
