Breaking Through the Disruption Webinar: Navigating COVID-19 Business Interruption Losses
Topics Include: • Should you file a business interruption losses insurance claim now?
• What options do Policyholders have to get claims settled?
• How to make a strong argument for business interruption coverage.
• How does a virus exclusion endorsement potentially affect civil authority coverage for business income losses?
• Review of Physical loss or damage policy language.
• Leading question “gotchas” from your insurance company
• Definition & importance of “civil orders”
• Elements of a business loss claim
The Loyd Law Firm, P.L.L.C
Public Insurance Adjuster
Insurance Claim Recovery
|Bruce Smith, CPA/CFF, CFE
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The industry’s powerful lobbyists, led by the American Property Casualty Insurance Association (APCIA), say “business interruption” policies never were intended to cover contagions. Even if they had been, the estimated claims just from small businesses during the coronavirus pandemic could total more than $430 billion a month, threatening to create a “solvency event” for the industry, said David A. Sampson, the group’s chief executive.
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Trump Tells Insurers to Pay Virus Claims If Pandemics Not Excluded
President Donald Trump on Friday staked out his position in a legal battle over business-interruption claims: Unless the policy excludes pandemics, insurers should pay.
Trump spoke about the issue for a minute and a half during his daily coronavirus task force briefing after a reporter asked if he is concerned about growing credit card debt resulting from business closures. The president said that he was and that the White House has spoken to credit card companies about reducing interest rates.
Then he moved on to the subject of business-interruption insurance.
“You have people that have never asked for business-interruption insurance and they have been paying a lot of money for a lot of years for the privilege of having it and then when they finally need it, the insurance company says ‘We’re not going to give it,’” Trump said. “We can’t let that happen.”
Trump said that he had purchased business-interruption insurance for some of his businesses when he was in the private sector.
“I’m very good at reading language,” Trump said. “I did very well in these subjects, OK? I don’t see pandemic mentioned. Now, in some cases it is; it’s an exclusion. But in a lot of cases, I don’t see it. I don’t see a reference that they don’t want to pay up.
“I would like to see the insurance companies pay if they need to pay if it’s fair. And they know what’s fair. And I know what’s fair. I can tell you really quickly.”
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The Coronavirus (COVID-19) has interrupted many businesses, impacting their income and revenue.
Most policies exclude viruses but many business interruption policies trigger coverage for business loss due to a pandemic event or civil authority. If your City or State has issued an order to shut down your business we can assist you in determining if your policy language can arguably trigger coverage and assist you in filing your claim. Insurance Claim Recovery Support is offering a free consultation by way of a free review of your policy to advise whether your business may have coverage for loss of income. Simply fill out the form below, we will contact you within 3 business hours and you will receive a link to schedule 30-minute complimentary consultation.
Skilled, trusted public insurance adjusters can advocate for their business owner/operator clients with both claim adjusters and examiners — and how they negotiate with each will change significantly in this market. If COVID-19 caused your business to close, contact the experts at ICRS.
Business Interruption Loss Claim Review
Has Coronavirus interrupted your business, income, and revenue? Civil Authority for the shut down of restaurants and businesses may trigger coverage.