Companies large and small, serving both the business-to-business and business-to-consumer markets, are already suffering financially due to the coronavirus pandemic. A question that may determine their futures is if they have a claim for business interruption and what limits, if any, there are to the damages they can recover.
We want to offer our help evaluating policy language and developing a strategy to make a successful claim.
For example, some businesses will learn their business insurance policy specifically excludes communicable disease but will pay for quantifiable physical losses. Communicable disease exclusions became commonplace after SARS in 2003 when issuers realized the level of exposure they had, particularly in the hospitality industry. That means how a claim is presented, making sure it cites the threshold factors adjustors require, is likely to make a difference.
At this point, all businesses should now be documenting coronavirus-related business impacts. How to best do that is also something about which we can offer help.