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Money Board Topic for Business owners. Loss of Income Clause in INS
Posted on 4/1/20 at 6:09 pm
Posted on 4/1/20 at 6:09 pm
Looking for details on this. How many of you have this clause in your General Liability INS?
7
Posted on 4/1/20 at 6:19 pm to Jjdoc
Is this different than business interruption insurance? If so, I expect states are going to require insurance companies to cover losses under business loss insurance if companies have it. New Jersey has already starting working on a proposal, which was to preempt insurance companies from denying claims, which they likely would have done.
This post was edited on 4/1/20 at 6:21 pm
Posted on 4/1/20 at 6:32 pm to Jjdoc
Usually associated with a clause that requires physical damage to a building, my biz was shut down for hurricanes and floods secondary to not having power, not being accessible etc, but because we had no physical damage we got the shaft, I expect the same this go round....however some are claiming that the physical damage to the building is the actual virus being on the surfaces and are trying to use that as physical damage... I don’t see it happening though
Posted on 4/1/20 at 6:57 pm to Tigerpaw123
quote:
because we had no physical damage we got the shaft, I expect the same this go round....however some are claiming that the physical damage to the building is the actual virus being on the surfaces and are trying to use that as physical damage...
Indeed - there has already been at least one lawsuit filed in Orleans Parish which alleges virus-caused physical damage to commercial property to trigger BIL coverage under a policy.
Posted on 4/1/20 at 7:21 pm to Jjdoc
It’ll be part of your property coverage under business interruption or loss of business income. There’s usually a virus/bacteria/pandemic exclusion.
Go have a reputable lawyer review your policy and give you his/her thoughts on it before making any decisions.
Go have a reputable lawyer review your policy and give you his/her thoughts on it before making any decisions.
This post was edited on 4/1/20 at 7:22 pm
Posted on 4/1/20 at 7:24 pm to Jjdoc
Likely has a pandemic exclusion so won't apply
Posted on 4/1/20 at 7:52 pm to HailToTheChiz
interesting.....i have it on my rental...
but not sure if act if God....for stuff like fire..
need to pull out my documents!!!
good question!
hopefully will not be an issue...rental is just off campus.....
but not sure if act if God....for stuff like fire..
need to pull out my documents!!!
good question!
hopefully will not be an issue...rental is just off campus.....
Posted on 4/1/20 at 8:13 pm to HailToTheChiz
quote:
Likely has a pandemic exclusion so won't apply
^^This. Many specifically state virus excisions. I have a family member in commercial insurance underwriting.
Posted on 4/1/20 at 8:55 pm to Jjdoc
Insurance= Legalized Stealing
Posted on 4/1/20 at 9:04 pm to LSUTOM07
Almost all these policies are written on a standard form which includes an infectious disease exclusion.
As mentioned, there have already been bad faith lawsuits brought forth, so the courts will decide.
If the insurers are forced to pay these claims, prepare thy anus for increases on all insurance products.
As mentioned, there have already been bad faith lawsuits brought forth, so the courts will decide.
If the insurers are forced to pay these claims, prepare thy anus for increases on all insurance products.
Posted on 4/1/20 at 9:34 pm to 632627
quote:
As mentioned, there have already been bad faith lawsuits brought forth, so the courts will decide.
Thats honestly bullshite if they make the companies pay. Only reason it is an issue is because this is something affecting everyone at once. Prior to this virus, the exclusion was never an issue, and i'm sure was challenged plenty
Posted on 4/1/20 at 10:16 pm to Jjdoc
Be careful what y’all wish for. If the insurance companies are forced to pay out Business Interruption claims for a pandemic virus that affects literally every business in America, prepare your anus for next year’s premiums. They’ll have to start pricing in national shutdowns in the rates every year. You won’t be able to afford your coverage.
The business interruption clause has to be the result of direct damage to covered property. Katrina caused direct damage to a ton of property so most people got paid out. If you had a decent policy it included dependent property and civil authority coverage.
This virus is different because I don’t think you can prove direct physical damage. And even with that said most property policies have Virus and Bacteria exclusions due to all the 2009, 2010 virus outbreaks.
The business interruption clause has to be the result of direct damage to covered property. Katrina caused direct damage to a ton of property so most people got paid out. If you had a decent policy it included dependent property and civil authority coverage.
This virus is different because I don’t think you can prove direct physical damage. And even with that said most property policies have Virus and Bacteria exclusions due to all the 2009, 2010 virus outbreaks.
Posted on 4/1/20 at 10:37 pm to Jjdoc
Yes, Virus and Bacteria are general exclusions, but you can still file a claim and your insurance company and anyone covering it shouldn’t discourage you from doing so even if it gets denied. From my experience, I think insurance companies are trying to shift any legal liability from this to the Government for shutting the business down which will be interesting to see how the courts view that in the coming months.
Posted on 4/2/20 at 11:25 am to Gountiss
my insurance guy encouraged me to file a claim anyway. he said this is all so crazy and who knows what will be covered before its all said and done.
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