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Started By
Message
re: Reparation for a bar owner who is forced to close?
Posted on 3/18/20 at 7:03 am to JetsCoach
Posted on 3/18/20 at 7:03 am to JetsCoach
this is effectively a taking under the 5/14A
the problem is that the courts are stooges of big brother and likely won't rule as they should, to protect their fellow overlords
the problem is that the courts are stooges of big brother and likely won't rule as they should, to protect their fellow overlords
0
Posted on 3/18/20 at 7:10 am to cave canem
Not this time.
It is one thing to produce garbage automobiles and be rescued or to purchase far too much house but quite another when the government is stepping in as it has in recent days.
It is one thing to produce garbage automobiles and be rescued or to purchase far too much house but quite another when the government is stepping in as it has in recent days.
Posted on 3/18/20 at 7:10 am to DukeSilver
quote:
No
No as in you are refusing to file a business interruption loss claim? Why wouldn’t you?
Or no as in you work for the insurance industry and think this does not apply to business interruption claims like the wind water exclusion insurance debacle of Katrina?
I am sure the businesses will argue these are contingent business loss claims. That’s why businesses like bars buy this insurance and why insurance companies have been collecting premiums on these policies for many years.
This post was edited on 3/18/20 at 7:29 am
Posted on 3/18/20 at 7:29 am to cave canem
quote:
FedGov should not be propping anybody up at the expense of the taxpayers.
I would agree with you if it wasn't for the fact that the gov't is the one shutting them down. You can't do that then leave them hanging.
At the very least they should give them tax leniency and credits, but I have no problem with them making a fund for small businesses. After all, they pay a shite load of taxes and fees to operate. They are a net positive to society, unlike many other in this country we give handouts to with no return.
Posted on 3/18/20 at 7:30 am to go ta hell ole miss
i think this will constitute a force majeure event and nobody gonna get paid
insurance is going to say if they have to pay out these claims they'll all go under
insurance is going to say if they have to pay out these claims they'll all go under
Posted on 3/18/20 at 7:36 am to SlowFlowPro
quote:
i think this will constitute a force majeure event and nobody gonna get paid
insurance is going to say if they have to pay out these claims they'll all go under
Isn’t that what insurance is for? An event that was unforeseeable preventing bars from working? Similar to disability insurance when someone is unforeseeably injured.
You cannot possibly be suggesting that when an insurance company sells a policy that they will not pay on a claim when the even arises. I don’t believe you.
Posted on 3/18/20 at 7:37 am to JetsCoach
quote:
Anyone have any knowledge on this? Any bar owners on here?
Should have managed your cash flows better. The only costs you should have right now are committed fixed costs.
Posted on 3/18/20 at 8:12 am to rintintin
Government says this is being done to protect taxpayers so I feel like taxpayers should pay the bills
Posted on 3/18/20 at 8:12 am to yellowfin
quote:
The fricking government that forced them to close for a month for no reason
Should the government true up all of the investment money lost due to the measures the government has enacted in the last month? So we bail out a small business due to government decisions but not the individuals? Businesses are all just a grouping of people so shouldn't we address the root of the problem which is the people and bypass the business all together? Both take risks and know the risks of having money tied up in a business or the markets. You can pay the small business which the owner could use to help the business or employees or else pocket or you can pay directly to all people which alleviates the need for the business owners to pay their employees.
Posted on 3/18/20 at 8:20 am to go ta hell ole miss
quote:
You cannot possibly be suggesting that when an insurance company sells a policy that they will not pay on a claim when the even arises. I don’t believe you.
"events" are different
force majeure isn't some new concept. it basically denies coverage in extreme-outlier situations
THIS is basically the definition of that
it's why government should be liable, at least in the US, as this was government action and should constitute a taking
Posted on 3/18/20 at 8:23 am to cave canem
quote:
FedGov should not be propping anybody up at the expense of the taxpayers.
Billions in bailout dollars are coming very soon for airlines (passenger and freight) and airports. And this is not the first time for them--they might as well nationalize them, lol.
Posted on 3/18/20 at 8:26 am to JetsCoach
quote:
Reparation
Really? For what? Slavery? Think you could have had a better choice of words.
Posted on 3/18/20 at 8:34 am to SlowFlowPro
This is an interesting topic. In 2008, the government used tax payer money to bail out huge corporations. Its widely accepted that those companies made terrible decisions and got themselves into a position that required government assistance.
This is a completely different situation. Government has forced closure of small businesses at no fault of there own. I think they should provide assistance to the employees. Most businesses can survive shutting the doors for a month.
This is a completely different situation. Government has forced closure of small businesses at no fault of there own. I think they should provide assistance to the employees. Most businesses can survive shutting the doors for a month.
Posted on 3/18/20 at 8:40 am to Specktricity
quote:
think they should provide assistance to the employees. Most businesses can survive shutting the doors for a month.
Remember, these businesses that are forced to close, they aren't incurring certain expenses, either. So we don't have to replace 100 percent of their revenues. Really, they need to be provided enough money to pay employees (or some fund could pay employees directly) along with debt relief. Many of the businesses being shut down don't have perishable inventory (in most places, restaurants can still provide take out / delivery - obviously that changes if a complete shut-down happens).
For anyone who went through the BP Claims Facility, I could see something similar happening here, although let's hope this is faster and more accurate. And yes, the BP thing wasn't perfect, a lot of people got screwed while others were overcompensated.
Posted on 3/18/20 at 10:21 am to go ta hell ole miss
quote:The vast majority of polices will not cover business interruption due to a contagion.
No as in you are refusing to file a business interruption loss claim? Why wouldn’t you?
Or no as in you work for the insurance industry and think this does not apply to business interruption claims like the wind water exclusion insurance debacle of Katrina?
I am sure the businesses will argue these are contingent business loss claims. That’s why businesses like bars buy this insurance and why insurance companies have been collecting premiums on these policies for many years.
Are there SOME that will? I'm sure. But most people will not have a policy that does.
Posted on 3/18/20 at 10:34 am to LSUFanHouston
Not taking a position either way, but some expenses that businesses have whether the doors or open or not, and even if they don't pay their employees:
Rent
Advertising
Insurance
Utilities
Just those could be enough to put a business under after a few months, much less several months. Or does one just not pay those, and see how forgiving their vendors can be?
It will be interesting.
Rent
Advertising
Insurance
Utilities
Just those could be enough to put a business under after a few months, much less several months. Or does one just not pay those, and see how forgiving their vendors can be?
It will be interesting.
Posted on 3/18/20 at 10:59 am to SlowFlowPro
quote:
insurance is going to say if they have to pay out these claims they'll all go under
And this is why insurance is quite possibly the biggest scam of them all. It’s a pyramid scheme at best and a con artist at worst.
Posted on 3/18/20 at 11:12 am to JetsCoach
Govt. giving a loan, does not make up losses incurred thru forced closing. It would put you further in debt. I guess, at best, it would let you live to fight another day.
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