The clock is ticking. As a business owner, you may have a deadline to report your business interruption claim in as little as 60 days. By the time you are reading this, the clock may have already begun. The clock starts to run the day the damage first occurred. Insurance companies hope that you won’t file claims, so they may later deny your claim, argue that timely notice was not given, and therefore assert that you, the insured, have lost any right to recovery under the policy.
When filing your business interruption claim, documentation is key. What this means is that not only will you need to provide documentation of your loss, but also of sales trends and business cycles before the pandemic to ensure your claim will not be considered speculative, and as a result, denied. Our experienced attorneys can help sort through your documentation, to make the best possible case for your business interruption claim.
Depending on your policy, you may have language within your contract holding you responsible for mitigation of your losses. This may include continuing operation in the face of the COVID-19 pandemic, limiting the period of restoration, or by paying for your own business costs.
Mandatory city shutdowns do not change the terms of your business interruption coverage but it does indicate the seriousness in which your city is treating the COVID-19 pandemic. Many policies include specific language regarding Emergency Declarations and Shutdowns. However, declarations and shutdowns may not automatically trigger a situation if your business interruption claim is within the scope of the insured’s policy language.
Finally, Insurance Companies have cut back on coverage available for pandemic diseases, by introducing new or broadened exclusions. Insurance Companies have added specific exclusions for bacterial or viral infections to their coverage. However, you still may be eligible for coverage depending on the specific language of your commercial policy and the facts surrounding your circumstance. That’s where Colucci Law Group comes in.
COVID-19 Business Interruption Coverage law can be very complex and is developing quickly. It’s important to have an attorney who understands Business Interruption and the developing legislation that may impact your claim. At Colucci Law Group, we are experts and trail blazers in dealing with Insurance Companies, policy developments, and advocating for your rights. Do you have any questions concerning Business Interruption Coverage that may be in your Commercial Insurance Policy. Please reach out to us for a FREE CONSULTATION to review and discuss your Commercial Policy.
You expect your business insurance to come through in your time of need. We’re here to find out if they will. Contact us at: 904-217-0124