The insurance industry is unified in its opposition to coverage for COVID-19 business interruption losses. Although the insurers argue otherwise, many all-risk insurance policies provide coverage for these losses. Even policies with virus exclusions may provide coverage extensions that are not subject to those exclusions. And many more policies omit virus exclusions altogether. This session will provide a roadmap and checklist for evaluating policies to determine the availability of coverage as well as best practices for submitting claims.
- Determination of BI and CBI coverage for COVID-19 losses still in early stages.
- Insureds should not assume that coverage will not be available.
- As science advances and litigation matures, more insureds may recover for the COVID-19 losses.
- Denials may arrive now, but the future could see a changes leading to coverage for some of these claims.
- Preserve coverage by submitting claim and documenting losses and extra expenses.
- Patience and perseverance is key to successful risk management of COVID-19 losses!