As thousands of small businesses await COVID-related insurance payouts, insurers maintain that their policies were never meant to cover global pandemics. Whether or not claimants get their due will depend on an upcoming appeal.
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Insurance Australia Group (IAG) is estimating that a class action being waged against it could be worth as much as $1B. Global funder Balance REV is financing the claim, which alleges that customers were sold ‘add-on’ insurance products that had little-to-no financial value.
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