A continual issue that our clients have seen is for contractors and public adjusters to attempt to blur the distinction between ACV and RCV figures in an effort to recover RCV upfront.
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AM Best Upgrades Union Mutual Rating to Excellent with Stable Outlook May 4, 2021
AM Best has upgraded the financial strength rating to A (excellent) from A- (excellent) and the long-term issuer credit ratings to “a” from “a-” of Union Mutual Fire Insurance Company, the lead property/casualty company and its wholly owned subsidiary, New England Guaranty Insurance Company Inc., as well as its mutual affiliate, Community Mutual Insurance Company, which are collectively referred to as Union Mutual of Vermont Companies.
Union Mutual Fire and New England Guaranty are domiciled in Montpelier, Vermont, while Community Mutual is domiciled in Latham, New York. The outlook of these credit ratings was revised to stable from positive.
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Policyholders are hailing two recent victories in their pursuit
of insurance coverage for COVID-related business interruption
losses. A North Carolina court granted a policyholder summary
judgment that a commercial property insurance policy covers
business interruption losses resulting from COVID-related
government shutdown orders. Meanwhile, a Florida federal court
determined a virus exclusion does not preclude a
policyholder from pursuing insurance for COVID-related business
interruption loss. These decisions clearly reject the insurance
industry s self-serving mantra that COVID-related losses are
not covered by insurance.
In
North State Deli, LLC v. Cincinnati Insurance