Does your organization’s insurance program provide any protection from the economic disruption caused by the novel coronavirus pandemic? What steps should you take to assess and protect that insurance coverage?
The Bradley Policyholder Insurance Coverage team has provided an informative webinar addressing insurance coverage and claims adjustment for event cancellation, business interruption, and third-party claims stemming from the pandemic.
The team discusses:
- Potentially responsive insurance policies
- Best practices for providing notice and proof of loss, including data collection
- Statutory and regulatory efforts requiring insurers to provide coverage, and
- Market developments
- Keep your options open for insurance coverage. Don’t just assume that this is not covered.
- Track your loss(es). Think broadly and account for the impact on your business. You may need this for your insurance claim(s) later.
- Read your insurance policies or ask an insurance professional to do that for you. Know what you have.
- If you have a potentially covered loss, put your carrier(s) on notice. Follow the policy instructions.
- Read the insurer’s response carefully, and don’t accept a denial without having an insurance professional review it.