A business interruption insurance policy is a contract with the insurance company to insure against certain identified types of losses due to an interruption of the business.
There are certain types of events the business interruption policy covers for losses. An example being a fire with temporary shut down.
The actual policy itself lists events and conditions with specificity that will be covered and will not be covered.
An exclusion is an uncovered stipulation in the policy that the insurance company will not provide coverage.
Covered events are listed in the policy that the insurance company will cover in the event of a loss.
Presently, the Corona Virus falls into a category that or may not be covered by business interruption insurance. It all depends on what is written in your specific policy.
Thus, in order to determine if there is coverage for the losses stemming from the Corona Virus outbreak, the first step is to get your policy and read your policy and you may want to consult with an attorney who can help you through this process.
If you are a business in Connecticut and are currently suffering a business interruption due to the Corona Virus outbreak, call me for a free consultation to review your Business Insurance Policy and see If I can help.
Have a good Easter and stay safe.
Lauren Winer Beck