As the coronavirus pandemic continues to sweep the nation and the world, many businesses have unfortunately been forced to close their doors either due to a government mandate or simply because they cannot afford to continue to operate. Fortunately, for some businesses, there are potentially available avenues of recovery of lost income and extra expense under many commercial property insurance policies. Possible available coverages include business interruption coverage, and coverage for loss of access to insured property by action of a civil authority. Whether your business has any coverage for coronavirus-related losses will depend on the specific terms of your policy and the specific facts pertaining to your particular loss. Policyholders should not automatically assume there is no coverage for coronavirus-related losses.
Additionally, several states are currently considering legislation that, under certain conditions, would prohibit insurance companies from denying coverage for business interruption, or loss of use or occupancy, due to the coronavirus pandemic. Given that many businesses have been adversely impacted by the coronavirus, it is recommended that all insureds evaluate their policies, and applicable state law, to determine whether there is a basis for an insurance claim. If so, it is imperative that businesses that have suffered a loss file a claim with their insurer immediately.
If you have any questions about possible coverage or need assistance filing a claim with your insurer, please do not hesitate to contact Franklin Law Group.
Allie Haling is an attorney with the Franklin Law Group. She regularly assists her clients with their coverage and litigation needs. Attorney Advertising.