Dr Quirin Vergho

Quirin Vergho

Updates

Insurance

Business shutdown insurance in case of business interruption during COVID-19 crisis
Germany | 05 May 2020

One of the biggest risks for companies is business interruption. Companies can insure this risk under so-called 'business interruption' insurance policies; however, these policies generally provide cover only if the business interruption is the result of an insured property loss. The situation is completely different with so-called 'business shutdown' insurance, which is – at least so far – uncommon.

Insurability of corporate fines: new draft law's implications for insurance industry
Germany | 31 March 2020

In 2019 the Federal Ministry of Justice and Consumer Protection presented its draft bill for a new and independent law on corporate penalties. Pursuant to the draft bill, considerable fines may be imposed not only on the persons involved in wrongdoing, but also on companies. This will significantly affect insurance cover, especially in the areas of professional indemnity and directors' and officers' insurance.