Nearly every business enterprise in America and around the world has been impacted financially as a result of the coronavirus. Many of those businesses have property insurance that include some type of business interruption insurance coverage for which they have been dutifully paying premiums, oftentimes for years, without submitting a claim.…
As President of NAPIA, I along with other leadership recently submitted a letter to the state insurance commissioners in an effort to strongly urge changes be made to protect insured who have suffered a financial loss due to the coronavirus. I believe that "in these uncertain times, public insurance adjusters are stepping up to protect insureds." …
My email inbox fills up too quickly each day with inquiries from clients and former clients concerning whether they have Business Interruption coverage for the economic losses that they are currently incurring as a result of the COVID-19 pandemic.…
Following in the footsteps of New Jersey, the states of Ohio and Massachusetts have filed proposed legislation that could result in small businesses qualifying for business interruption coverage from their insurance policies. The New Jersey Legislation, which has faced strong opposition from the insurance lobby, was focused on compelling insurance companies to cover claims by small business owners for damages resulting from COVID-19 up to the limits of their policies. …
Are you wondering if your commercial business interruption insurance policy will provide coverage for your financial losses incurred during this Coronavirus (COVID-19) pandemic? You are not alone and the answer can be a bit elusive. Today is the start of a series of blogs that I will be writing to help inform you about the ever-changing insurance and legal landscape around the coronavirus and business interruption insurance coverage. I encourage each of you to stay informed and work with trusted sources. This initial blog will review a few cases that may play a part in determining the impact viruses play when filing commercial business interruption claims.…
My last BLOG, published in January 2019, addressed the above question: Does a company have coverage if, under false pretenses, an unsuspecting employee wires funds to a third party? The BLOG was well read and obviously the topic remains of significant interest based on the number of lookalike cases triggering lawsuits and the inconsistency in court rulings.…
I was hacked! Figuratively, that is, my computer and not physically. Hard to tell which is a worse fate. In pre-computer days, one of our worst nightmares was getting held up for our wallets. It was our “money or our lives.” Usually, the perps wanted our cash and credit cards. Assuming we were not physically harmed, this was a nightmare with “limitations.” All we really lost (in addition to peace of mind) was the cash we were carrying, the time spent canceling and replacing credit cards and the tedious trip to the DMV for a replacement driver’s license.…
