Suffolk County, NY Business Interruption Insurance Lawyers
The enormity of the pandemic’s economic effects continues to unfold. As the world forever changed, you trusted your insurance company would cover your losses through your business interruption (BI) policy. Instead, you were told that your business was not covered, or had your claim formally denied.
Your claim depends on the precise language in your policy. Insurance carriers are telling almost all small business policyholders they are not covered for business interruption due to the coronavirus. Keep in mind you must file a claim to participate in litigation. This means– file a claim even if your insurer told you it was unnecessary. It is not. Once you receive your denial, you can seek legal representation to assist you.
A Suffolk County business interruption insurance lawyer at Douglas and London will review your commercial insurance policy to determine whether you have a potential claim. We will also discuss the possibility of becoming involved in class-action lawsuits.
Business Interruption Insurance
BI insurance is designed to compensate the policyholder for lost income during the interruption. The business must document this with financial statements, the general ledger, tax filings, and similar evidence.
BI insurance usually applies only when property damage occurs. That is the case with a typical claim, with premises damage due to fire or natural disasters. In comparison, Covid-19 does not cause this type of damage. Insurers will argue that business interruption relating to the pandemic does not meet requirements.
Since the SARS outbreak, most policies exclude damages to viruses and micro-organisms. This is one reason insurers were automatically telling clients they were not covered or not to bother filing due to certain denial. However, the policy’s wording might read, “bacteria,” and not mention viruses.
Language in the policy may provide other avenues for your claim. For example, most policies include standard language regarding business interruption due to civil authority actions. New York’s lockdown was such an action.
Governor Andrew Cuomo ordered all non-essential businesses in New York to shut down as of March 22, 2020. Since that date, there have been bills introduced by New York and other states that would compel insurance companies to pay for business interruption coverage for pandemic-related claims. These bills have not yet passed, however this is an ongoing and evolving issue.
Contact our team of Suffolk County Business Interruption Insurance Lawyers for a free consultation
If you are among the many business owners trying to stay afloat during the pandemic and depending on insurance compensation, a Suffolk County business interruption insurance attorney at Douglas and London can advise you. Schedule a free, confidential consultation by completing our online form or calling or texting 24/7. Bring your insurance policy with you. If you do not have a copy, your insurance agent should provide one.
Our dedicated attorneys have recovered more than $4 billion for clients in verdicts and settlements. There is never a fee unless you receive compensation. Hablamos Español.