Business disruption insurance

No, a covered loss has to trigger coverage. Virus and non payment of rent is not a covered loss.

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No, a covered loss has to trigger coverage. Virus and non payment of rent is not a covered loss.

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This. EVERYONE IS SOL ON THIS FRONT

NO BI COVERAGE FOR ANY OF THIS


Read this:


According to www.propertycasualty360.com, the insurance industry is in the process of working on a response to the COVID-19 outbreak. Last month, the Insurance Services Office, or ISO, created two new endorsement forms, “Business Interruption: Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus”, and “Business Interruption: Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus (Including Orders Restricting Some Modes of Public Transportation).”

These forms will offer coverage for actual loss of business income, as well as extra expenses, that are secondary to a government order closing the insured’s premises or quarantining all or part of the properties, and from government-ordered interruption of some public transportation.

While these endorsements may seem like there may be light at the end of the tunnel, they have not yet been filed with any states and are therefor not an option for use at this time.

As a result, there is no definitive option at this time that will provide business interruption coverage due to the COVID-19 outbreak; but that does not mean the insurance industry is not working on a resolution.

Well then, can I keep the tenants security deposit if necessary?

Good idea. This would certainly be the last resort. Good tenant.