Are Insurance Companies Paying Business Interruption
Many insurance policies and endorsements cover losses due to business interruption.
Are insurance companies paying business interruption. Companies say they have been paying premiums for business interruption coverage for years while insurers insist that pandemics are explicitly excluded from such policies. Now the added policy language will potentially allow insurance companies to avoid hundreds of billions of dollars in business interruption claims because of the covid 19 pandemic. A third of small companies in the uk could stop buying business interruption insurance in the wake of the growing controversy over whether the policies will pay out for coronavirus losses. You have people that have never asked for business interruption insurance and they have been paying a lot of money for a lot.
After the initial major interruption because of covid 19 businesses are reopening and customers are slowly returning. Business interruption insurance doesn t cover your business being interrupted confirm insurance companies insurance companies have been quick to point out that having business interruption insurance doesn t mean you re going to get a payout when your business gets interrupted. A proposed new jersey bill which aims to create business interruption insurance coverage for covid 19 related claims despite virus exclusions in many policies has drawn concern about the. Business interruption insurance is a safety net some businesses have spent years paying thousands of dollars for but now when many need it they re being denied.
Sure we can all agree that covid 19 has seriously interrupted business in america. That s the easy part. Examine policy extended business interruption coverage.
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