Covid-19 and the related fallout opens questions many of us have never encountered. Updates continue to change rapidly and the “answers” are often unique to your business. Striking a balance between information overlord and following high-level recommendations may serve you well.
Do standard commercial policies provide coverage for Covid-19?
The answer is most likely no. However, the answer can only come from your insurance carrier. To obtain their response you must file a notice of claim which we recommend you do. We have filed a blanket notice of claim for all our clients that we write a commercial package for and that contains Business Interruption protection. We recommend you do the same. We feel it’s important to establish a record with your insurance carrier and begin collecting real-time data on your lost revenue and extra expenses.
Three Emerging Scenarios:
Next Steps for Policy Holders with Business Interruption Coverage:
Every policy is different and should be examined. With all the unknown answers as to how this event will play out, be proactive and submit a Business Interruption claim to your carrier.
Gilroy Kernan Gilroy is continuously monitoring proposed legislation and will provide meaningful updates as they develop. Please do not misinterpret this as seeing a resolution in the short term; rather, we are providing recommendations and are looking out for a solution that does not yet exist.