New Rochelle, NY Business Interruption Insurance Lawyer
State and county officials ordered nearly all businesses in New Rochelle, New York, to shut down during the global COVID-19 pandemic in March 2020. Most business interruption insurance includes coverage for lost earnings due to government shutdowns, but many insurers are outright rejecting claims. A surge of business interruption lawsuits were filed, disputing the insurers’ right to deny compensation. Contact a business interruption insurance lawyer right away if your business has been similarly affected.
What Does Business Interruption Insurance Typically Cover?
Business interruption insurance was designed to cover businesses that cannot operate due to physical property damage from fires, hurricanes, hail events, earthquakes, and other unforeseen events.
Typical policy extensions include damage to customers and suppliers that prevent income. The idea is that insurance will help struggling business owners stay afloat, even when they are unable to continue normal operations. Special “civil authority” coverage may provide for lost income when the business is forced to shut down by government order.
Business interruption insurance may cover:
- Loss of profits
- Operating expenses
- Employee wages
- Lost rent when the property was out of use
- Temporary relocation expense
- Additional training costs
- Loan payments
- Business taxes
What We Do
Douglas and London is a successful law firm based in New York. After 9/11, we proudly represented first responders and local residents who suffered from long-term health issues due to the terrorist attack. We have also represented individuals who were harmed by Hurricane Sandy’s devastation and residents across America hurt by chemical dumping into the waterways.
New York is a place where people come to pursue the American Dream, whether it’s to own and operate a restaurant, bar, gym, or retail shop. We’re fighting to hold insurers accountable for fulfilling their contractual obligations to lend small business owners the lifeline they need to survive the coronavirus pandemic. We offer free consultations and contingency-based representation at no risk to you.
Let Us Review Your Policy
Business insurance policies are notorious for containing vague language. The success of these cases will likely boil down to the precise language in your policy. Having a business interruption insurance attorney review your policy and cases relevant to your claim can be a tremendous asset. In addition, Douglas and London can communicate with your insurer on your behalf, negotiate a fair payout, and file a lawsuit should your insurer continue to devalue or deny your right to compensation.
Since SARS swept through Asia nearly two decades ago, many insurers have developed exclusions for “loss or damage resulting from any virus, bacterium, illness, or disease.” Other insurers may cover pathogens, but exclude agents introduced by “terrorism or malicious use.”
Businesses may have trouble validating their claims if they have undocumented income or if they operated to some capacity during a partial closure. Courts across the country have disagreed as to whether contamination results in a “direct physical loss.”
Our founders, Gary J. Douglas and Michael A. London, have more than two decades of experience standing up to tough opponents like the insurance companies, the automotive industry, and Big Tobacco. We have the resources to back our nationally-recognized New Rochelle, NY business interruption insurance lawyers.
New York Is Considering Laws That Would Force Insurers to Pay on Claims
Representative Carolyn B. Maloney (D-NY) has introduced legislation that would create a federal pandemic reinsurance program, modeled after the Terrorism Risk Insurance Act, which she sponsored after the 9/11 terrorist attacks. Reinsurance is a supplemental lone provided by the federal government to help insurance companies by paying a portion of the claims upfront. The insurers would agree to reimburse the federal government over an extended period of time.
CEO of insurance giant Chubb Limited has suggested a free-market approach that divides the insured into two categories: small and medium-to-large businesses. The small firms would receive mandatory coverage that quickly reimburses lost payroll expenses. The large firms would have the option to go through a reinsurer for comprehensive pandemic insurance.
In these uncertain times, it is important to contact an experienced attorney as soon as possible. Douglas and London is here to answer any questions you may have about how to remain solvent amid the Coronavirus pandemic and protect yourself from future business interruptions.