Pressure Builds on Insurers Nationwide to Be Part of Coronavirus Business Solution
The Loss Recovery Law Group, PL.
While legislators in Washington D.C and various states try to fashion financial relief for businesses interrupted by the public health actions related to coronavirus, CBS Chicago reports that outside pressure is mounting on private property/casulaty commerical insurers to do more than explain why insurance coverage is mostly not available.
The insurance industry has been long aware of risk a pandemic would pose to businesses. The National Association of Insurance Commissioners heard this presentation in 2015 from the American Academy of Actuaries.
This week, a group of 18 members of Congress has asked the property/casualty insurance industry to pay business interruption claims, even where their customers’ policies exclude such coverage. Insurers have declined, telling lawmakers that most business interruption policies “do not, and were not designed to, provide coverage against communicable diseases such as COVID-19.”
Elsewhere, financial analysts have expressed uncertainty about how coverage questions in the area of business interruption will play out, Insurance Journal reports here.
The Loss Recovery Law Group will be monitoring the business interruption insurance debate for our clients.