Insurance Information for Breweries (COVID-19)

March 25th, 2020 • by Paul Leone
Paul Leone

Paul Leone

Paul Leone is the Executive Director of the New York State Brewers Association.

The novel coronavirus (COVID-19) has lead to financial stress on consumers and business owners alike, including NYS brewery owners and industry workers.

As a Brewery Member of the New York State Brewers Association, you have access to a network of NYSBA Allied Members to provide you with information and assistance.

In this blog the NYSBA and it’s allied members provide information and resources regarding business insurance to help you manage your business admist the COVID-19 Pandemic.

Department of Financial Services

In response to this crisis, Department of Financial Services issuing guidance to urge all regulated entities during this outbreak to do their part to alleviate the adverse impact caused by COVID-19.

READ: Guidance to Department of Financial Services (“DFS”)

Options for Breweries with Regards to Their Current Insurance Programs, Cool Insuring Agency

  • Reduce payrolls on the workers compensation policies to reflect current changes- can be amended upon re-hire of staff.
  • Reduce revenues by class code on the General Liability Coverage to include the exposure for Liquor Liability.
  • If taprooms or restaurant/brewpub exists, modify the on premises liquor exposure (58161) which accounts for a significant premium of the policy; Note there is also probably the liquor code for manufacturing (50911) as well.
  • If restaurant exists for the brewpubs, and now only take out, this needs to be amended to reflect this in the overall sales.
  • Carriers are willing to be flexible with payments during this time- some are taking partial payments and deferring to future installments; some even agreeing to suspend cancellations due to COVID 19.

Continue Reading: Insurance Information for NYS Breweries – Cool Insuring Agency

COVID-19 and Your Business, Gilroy, Kernan & Gilroy

As COVID-19 becomes increasingly widespread, it’s not only raising fears about the well-being of the general public, but it’s also disrupting business operations and creating insurance exposures. In fact, COVID-19 has already led to business interruptions, supply chain issues and significant liability concerns—all of which can open policy holders up to claims. As such, it’s important for companies to understand how COVID-19 can impact their insurance policies, review their existing coverage and determine what precautions they need to take in order to control their losses. This Coverage insights examines potential insurance exposures associated with COVID-19 and how different forms of coverage could respond.

Continue Reading: COVID-19 and Your Business, Gilroy Kernan & Gilroy

Business Insurance Interruption Coverage, Paris-Kirwan Associates Inc.

How does my Business Interruption Coverage respond to COVID-19 better known as Coronavirus? Unfortunately, as it stands right now, the answer to this question is there is no coverage under your Business Interruption Insurance. Coverage for business interruption is afforded when there is coverage for direct loss or damage to covered property such as buildings or business property which leads to the cessation of business operations. Illnesses to people does not constitute loss or damage to covered property. Consequently, there is no coverage for business interruption from COVID-19. In addition, there are no available coverages in your policy that would provide protection from contingent business interruption or supply chain interruption.

Update: 3.26.20 – Amtrust is offering customers the option to switch to a pay as you go method even if they are in the middle of the policy.

Continue Reading: Business Insurance Interruption Coverage, Paris-Kirwan Associates Inc.

Policy Updates

Policy Update – AmTrust Financial Services

Policy Update – MEMIC Employer’s Mutual

Policy Update – Paris-Kirwan Associates Inc.