Haynes Boone Partner Peter Halprin spoke with Law360 after North Carolina's top court handed policyholders a rare victory last week in finding that the "direct physical loss" requirement for "all-risk" insurance can cover losses connected to the coronavirus pandemic.
Halprin told Law360 that he felt the court did a good job of accounting for both the insurer and policyholder arguments, and added that he felt it was important to the court that North State lacked a virus exclusion in its policy.
"I think in terms of trying to understand a policyholder's reasonable expectations when they're buying an all-risk policy that protects against business interruption — I think the absence of the exclusion is pretty telling," Halprin told Law360.
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