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The Captive Insurance Companies Association on Friday said it is in the process of filing a claim to determine if the cancellation of its 2020 international conference due to COVID-19 is covered under its event cancellation coverage.
CICA canceled its conference earlier this month just days before it was scheduled to begin in Rancho Mirage, California.
“As a responsible association, we purchased event cancellation coverage for our conference. It was a three-year policy and we are in the process of filing a claim to determine if this event cancellation is covered or not,” Dan Towle, CICA president, said in a note.
The association is “optimistic” but “in uncharted waters with COVID-19 and it will be a while before we have an answer,” Mr. Towle said.
CICA’s annual conference involved about a dozen contracts, from the hotel, to the audiovisual experts, to a craft brewery tour, to a photographer, Mr. Towle said.
“All those contracts have cancellation clauses that are now broken, and all need to be resolved,” he wrote in the note.
CICA is “financially strong” and had planned for a “rainy day,” Mr. Towle said, adding: “The financial cost of this will be felt, but it will not impact our mission.”
“The uncertainty of not knowing if our event is covered by our insurer is the very type of situation that leads to the formation of a captive by many of our captive owner members. They need to have certainty of coverage in areas where sometimes there are exclusions. That irony is not lost on us,” Mr. Towle wrote.
To date, more than 100 insurance industry conferences have been canceled due to COVID-19, according to a list of canceled events on the website of ratings agency A.M. Best & Co.
The North Carolina Captive Insurance Association said Monday it has postponed its 2020 annual conference in Durham, North Carolina to August 30-September 2. The conference was originally scheduled for May 13-15.
“Our board of directors has taken the position that we all want to control this unprecedented threat in modern times. We believe that by pushing back the conference three months will allow time for that to occur and the annual conference to safely proceed,” Thomas Adams, president & CEO of the NC Captive Insurance Association said in a statement.
More insurance and risk management news on the coronavirus crisis here.
(Reuters) — Businesses looking to buy cancellation insurance for events around the world will not be able to get cover for the new coronavirus outbreak, industry sources said, as insurers rush to exclude the epidemic from their policies.