Large groups of private educational institutions, hospitals, hotel chains and even officials of Major League Baseball can buy insurance for income losses and extra expenses incurred during a pandemic, but the broker that designed the coverage last year is only taking orders for future events right now.
Wally Kerr and Jim Finch, executives of Hays Companies of Illinois–who spoke to National Underwriter in late June, a few weeks after the World Health Organization raised the pandemic alert on Swine flu to Level 6–said they bound one such policy for a group of colleges in September 2008.
But because one key coverage trigger has already been met for the Swine flu–a WHO pandemic alert level of 3, 4, 5 or 6–the brokers said offers to extend coverage for Swine flu to other interested organizations now aren't feasible. It would be like covering a hurricane that already hit the coast, making the cost prohibitively expensive, said Mr. Finch, who is a vice president for the brokerage firm.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
