Paycheck Protection Program An Economic Lifeline During an Unprecedented Crisis

The U.S. Treasury Department released new implementation guidance on April 6, 2020 regarding the Paycheck Protection Program (PPP), including changes to interpretations for loan amount calculation. Additionally, the new guidance provides relaxed standards for applicants and underwriting banks. These changes could have a material impact on a borrower’s loan amount (it will likely increase the loan amount)
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The Math Just Got More Complicated

California Insurance Commissioner Suspends All Statutory and Contractual Deadlines For 90 Days After the Termination of State of Emergency California Insurance Commissioner Ricardo Lara has suspended all statutory and contractual deadlines associated with insurance claims for 90 days past the termination of California’s current COVID-19 State of Emergency. The Commissioner’s Notice does not mention the claims handling
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2020: Taxation on reinsurance premiums in Latin America

The world’s main reinsurance markets typically provide its services on a  cross-border basis for Latin American based cedants, considering that the reinsuring capacity within the region is limited, in comparison to the insurance companies’ demand. Consequently, these cross-border transactions imply taxation difficulties for the local governments of the country where the cedants are domiciled, as
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Does Time Stand Still? The Procedural Implications of COVID-19 in Washington, Oregon, and California

Insuralex´s exclusive member in California explains procedural implicatons of COVID-19 in Washington, Oregon and California The Procedural Implications of COVID-19 in Washington, Oregon, and California The judiciary tends to lag behind the rest of society when it comes to business practices. Many state courts have not yet adopted electronic filing. Personal appearances and in-person meetings
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The Coronavirus’ Impact on Business Interruption Coverage Is “Direct Physical Loss” Being Redefined?

Background Recent years have witnessed pandemic outbreaks of Ebola, H1N1, Avian flu and Legionnaires’ disease, and now the world is reeling from the impact of the COVID-19 (“Coronavirus disease”). Pandemics occur when new viruses emerge which are able to infect people easily and spread from person-to-person in an efficient and sustained way. Currently, the number
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COVID-19: Insurance Implications

Insuralex´s exclusive member in the UK comments on the insurance implications alongside local perspectives from Insuralex network member law firms in Italy, France, Spain and Japan Life, travel and event cancellation insurers closely engage in the rapidly unfolding global development of COVID-19 and prepare for the next few months The 2019 Novel Coronavirus that originated
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Germany: Coronavirus and insurance cover

Insuralex´s exclusive member in Germany writes about the coronavirus and insurance cover.   The coronavirus is currently causing a lot of uproar. Many companies are reviewing their risks in case of infection or are trying to mitigate damage caused by canceled events and trade shows. In this context, the following insurance law issues are of
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Cyber-risk and cyber-insurance (II): silent cyber, an ongoing revolution?

ABSTRACT: cyber-risk is a source of opportunity but also of uncertainty towards traditional property and civil liability insurance policies. Cyber-insurance has been born to prevent silent cyber. We analyse the implications of NotPetya case for the future of insurance and reinsurance market in Spain. The emergence of a “cyber-universe”, in a relentless expansion, entails a
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ARTIFICIAL INTELLIGENCE: WHERE DO THE CLAIMS FALL?

Amazon Go Grocery, the first full ‘cashier-less’ supermarket, opened in Capitol Hill this week. With the increase in the use of Artificial Intelligence and computers carrying out roles that had previously been undertaken by humans, this article considers the benefits as well as the risks – particularly from the perspective of the insurance industry and
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Insuralex´s exclusive member in Chile celebrates its 135th anniversary

Insuralex´s exclusive member in Chile, Estudio Carvallo Abogados, is celebrating its 135th anniversary on 2020. The firm was established on Feb 12th 1885 when their “book of assignments” was initiated in the city of Valparaíso, Chile. Currently, Insuralex´s exclusive member in Chile is the third oldest law firm in the country. Later on they moved their main practice
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