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Insurers fret as company bosses face coronavirus legal claims

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Insurers are increasingly worried about shareholders, employees or customers bringing coronavirus-related claims against company executives and are considering excluding the virus from policies which protect the bosses, industry sources say.

FILE PHOTO: The interior of the Lloyd's of London building is seen in the City of London financial district in London, Britain, April 16, 2019. REUTERS/Hannah McKay

“An uptick in litigation targeting directors and officers across industry sectors is one likely, and unwelcome, consequence” of the coronavirus pandemic, said James Whitaker, partner at law firm Mayer Brown. But recent years have proved challenging as legal cases and awards mounted, pushing up premiums and reducing the amount of cover offered, and the coronavirus outbreak would likely exacerbate this, she said.

Meanwhile, a securities fraud class action was filed against Norwegian Cruise Line Holdings, its chief executive and chief financial officer on March 18, claiming the company made misleading statements about the virus to encourage customers to book cruises.Carnival Corp also said this week that it had received, and expected to continue to receive, lawsuits from passengers aboard the coronavirus-stricken Princess cruises and additional lawsuits stemming from COVID-19.

 

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