The coronavirus pandemic has led to more complex questions than answers for businesses. The pandemic continues to result in large scale disruptions. Schaefer Enterprises is fully operational and has been helping clients navigate their insurance questions.
Business Interruption Claims:
With the steady rise in claims, coverage for risks related to the coronavirus are cautiously being analyzed on the basis and extent of the policy language. Every case is being treated on its own merit and coverage decisions ultimately lie with the carrier. Coronavirus Business Interruption claims are currently being declined. Nonetheless, we are recommending that policyholders report claims relating to the coronavirus to their carriers proactively.
New York State is considering laws requiring insurers to pay business interruption losses in connection with COVID-19. If passed, the NY bill (A10226) would require all policies providing business interruption coverage to insureds having less than 100 eligible employees to include coverage for business interruption during the COVID-19 declared state of emergency. If passed, NY bill (A10226) would be retroactive to March 7, 2020, the date on which a State of Emergency was declared in New York.
If this legislation or something similar passes and you already have a denied claim filed with your carrier, you may have an opportunity to reopen your claim and will already have a point of contact with an adjustor.
Schaefer Enterprises is monitoring this legislative action closely and will provide updates as soon as information is available. Contact your customer service representative at Schaefer Enterprises or call 877.237.2481 to file your business interruption claim.
Insurance Billing Options
Insurance carriers have been open to adjusting clients’ billing plans in the wake of government-mandated business closures. Clients will need to reach out directly to their carrier and speak with the billing department to inquire about adjusting their billing schedule. Carriers are treating each request on a case-by-case basis.
