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Joseph Balice Discusses How Companies Like Netflix May File Insurance Claims to Recoup Losses Resulting From Russia’s Invasion of Ukraine

Joseph Balice was recently quoted in Eriq Gardner’s Puck News article “The War Comes to Hollywood,” which examines how the ongoing conflict between Russia and Ukraine will play out domestically in the years to come. The article highlights how businesses “ranging from oil companies to Netflix” are ceasing Russian operations, and will ostensibly turn to insurers to recoup some of the losses experienced as a result. Thus, the fine details of insurance coverage could become an important factor for these companies’ financial futures moving forward.

As many insurers have exclusions for war, Joe sheds light on how semantics can impact the availability of insurance coverage in cases like these. “The war isn’t in Russia; it’s in Ukraine,” he notes. “In terms of a causal relationship between event and loss, there’s a bit of attenuation. It’s going to be interesting to watch this from an insurance perspective.” 

Joe also suggests that it is very likely the insured parties will be turning to the courts for final determinations as to the losses they are covered for. “Tendering a claim costs nothing,” he shares. “Sure, there will be a certain percentage of those who don’t fight back against their insurers, but I think we’ll see, just like Covid, tons of [insurance] cases here, lots of rulings, and quite a bit of literature eventually coming out.” 

Click here to read the full article. (Subscribers only.)

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