Long Island Business Interruption Insurance Lawyers
Few businesses can survive weeks, let alone months, without customers. In the aftermath of the pandemic, you thought your insurance carrier would cover your losses through your business interruption policy. Otherwise, your business –like thousands of others– will likely fail. When your insurer denied your claim or told you not to bother filing because your losses were not covered, your situation became even more desperate.
If you have not done so, file a business interruption claim immediately. They are time-sensitive. It does not matter that the insurer will deny it. What does matter is the fact that you filed it and the insurer made a decision.
A legal professional should review your policy to determine whether you have options beyond business interruption insurance per se. The language in the policy virtually always refers to physical damage to the premises, which is not what occurs with Covid-19.
A Long Island business interruption insurance lawyer at Douglas and London will examine your policy and let you know your options.
Business Interruption Insurance
Fires and natural disasters make up the bulk of business interruption insurance claims– or at least they did prior to the pandemic. Physical damage to the business resulted in interruption, and the purpose of this coverage is restoring the business to where it would have been if the event had not happened.
Further, many policies exclude business interruption caused by viruses and bacteria. This type of exclusion dates back to the SARS crisis in the 2000s. However, businesses were not offered the option to purchase additional insurance that would cover viral or bacterial losses.
A review of the policy may reveal other courses of action. Policies usually include language covering losses occurring due to actions of civil authorities, such as mandated closures. There is no argument that non-essential businesses were ordered to close during the pandemic.
Detailed loss documentation is crucial to proving your claim. Gather the general ledger, tax records, financial statements, customer orders, supplier and vendor correspondence, and similar documents from the last several years to prove your losses. An attorney can help you evaluate this.
A Constantly Evolving Situation
Just as Covid-19 is a novel disease, so is the legal situation. Legislation has been introduced in New York and other states to force insurance carriers to cover certain perils relating to the pandemic. Finally, insurance companies and their lawyers are preparing a response, since they know the number of claims is overwhelming.
Contact our Long Island Business Interruption Insurance Lawyers for a free consultation
During this unprecedented time, you need the services of a dedicated Long Island business interruption insurance attorney at Douglas and London. We provide a confidential, free consultation. Text or call us 24/7 or complete our online form to arrange an appointment.
We will also discuss the possibility of joining class-action lawsuits. With over $4 billion in settlements and verdicts recovered for clients, our track record is second to none. There is no fee unless you receive compensation. Hablamos Español.