The Hamptons Business Interruption Insurance Lawyer
There is no question that the coronavirus pandemic has had a devastating impact on the global economy. In the United States, many businesses have closed with some unlikely to ever re-open. This is true in the Hamptons and across the state.
Many business owners have kept business interruption (BI) insurance policies in place for just this sort of crisis. They exist to help businesses bridge the gap when a catastrophe disrupts their operation.
Unfortunately, insurance companies are issuing blanket denials to these claims. Many of these denials are in bad faith and contrary to the specific language of the policy. If your claim was denied, do not hesitate to speak with a business interruption insurance lawyer in the Hamptons right away.
What is business interruption insurance?
BI insurance is a type of coverage that can be included in a property and casualty policy. It is rare for it to exist in stand-alone policies. Regardless of how a company obtains it, it serves the purpose of providing cash benefits when a business is forced to close. Traditionally, these policies were used for anything, from fires to floods. While typically used after natural disasters or other catastrophes, COVID-19 has quickly become the primary cause for bringing these claims.
Does business interruption insurance cover COVID-19?
Whether or not a specific insurance policy covers coronavirus-related claims depends on the language. Some cover all types of losses except for a few specific exclusions. Other policies only cover losses from perils that are explicitly listed. The problem for business owners is that insurance companies have been denying claims on both types of policies since the beginning of the pandemic.
Moreover, the problem with many of these denials is that they are contrary to other portions of the document. Often, the reasoning for a denial is based on the insurance company’s refusal of payment on all COVID-19 claims. This is in bad faith, and it violates your rights under the terms of the policy.
Contact our team of Hamptons Business Interruption Insurance Lawyers
Douglas & London understands what is at stake when it comes to your business interruption claim. As business owners, we know how stressful an uncertain future can be. We are prepared to aggressively pursue your claim. To learn more about how we can help, schedule a free consultation as soon as possible.