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COVID-19 and related government lockdown orders do not cause physical loss or damage to property under business interruption insurance policies.
The plaintiffs, representing a class of small to medium-sized businesses, sought coverage under their business interruption insurance policies for losses sustained due to the COVID-19 pandemic and related civil authority orders.
The court held a common issues trial to determine whether the presence of the SARS-CoV-2 virus or government lockdown orders could cause 'physical loss or damage to property' within the meaning of the policies.
The court concluded that the virus does not physically alter or damage inanimate surfaces, and that the loss of use of the premises due to government orders does not constitute physical loss or damage.
Consequently, the court answered the certified common issues in the negative, finding no coverage under the business interruption provisions.
Tribunal imposes disgorgement, administrative penalties, and market bans for fraudulent diversion of solar fund investments.
Following a merits decision finding that the respondents engaged in fraudulent conduct by diverting $234,864.04 from a solar energy fund contrary to its offering memorandum, the Capital Markets Tribunal held a hearing to determine sanctions and costs.
The Tribunal ordered disgorgement of the diverted funds, imposed administrative penalties totaling $476,000, and ordered the respondents to pay $112,500 in costs.
The Tribunal also imposed permanent market bans on the respondents, subject to limited carve-outs for personal trading and acting as directors of specific private family companies.
