As the COVID-19 crisis unfolds, businesses are looking to insurers to bear the risk of unprecedented financial losses.
In a previous Torkin Manes article, we canvassed some of the key factors clients are considering in deciding whether to present a claim for “Business Interruption” coverage.
This type of coverage is typically triggered only when a business experiences a loss of revenue or increased operational expenses resulting from tangible “physical” damage to the business’ insured property. Accordingly, a business whose factory has burned down will have a more straightforward claim for business interruption coverage than a business which cannot operate its factory due to COVID-19. MORE.