Insurance

Recovering Coronavirus Related Lost Profits through Insurance

Business interruption insurance (also known as business disruption insurance) is part of many property damage policies and intended to compensate for lost revenue and related lost profits when a business has to unexpectedly halt or reduce operations.  To the extent suppliers or customers are affected, contingent business interruption or leader property insurance may apply (leader property insurance provides coverage when a business is negatively impacted by the closure of an unowned property that would otherwise generate customer traffic to the insured).  Many policies also include coverage for interruption to property access by civil or military authority.  In the current environment, many businesses have been mandated by government authorities (i.e. civil authority) to close or significantly curtail operations in hopes of minimizing the spread of the coronavirus (COVID-19). Read more…

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Overview of changes in the international coronavirus pandemic. Сontinued

While the threat of COVID-19 spread is not on the decline, the Russian Government continues to update the measures taken or introduce new ones, trying to act ahead of the possible adverse consequences of COVID-19.

Further review of the most significant business support measures under the conditions of COVID-19, as well as actions taken to curb the spread of COVID-19, follows below.

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Businesses May Have Insurance that Could Lessen the Economic Impact of COVID-19

The COVID-19 pandemic has leveled a blow against businesses everywhere.  The Governors of New York, California, Illinois, and Pennsylvania, for example, have ordered all non-essential businesses to close their physical locations and the California Governor has ordered all residents, except those performing essential functions, to stay home.  Governors across the country have issued orders restricting various business activities.  The trend is likely to continue in the coming weeks and to adversely impact the bottom line of many businesses.

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Insurance Coverage for the Coronavirus

The recent spread of the coronavirus disease (COVID-19) poses risks not only to human health, but also to the financial wellbeing of many businesses. To date, businesses have been forced to take significant actions in responding to the disease, including cancelling events and even ceasing or suspending operations altogether. As the coronavirus and its ripple effects continue to impact day-to-day life and commerce, businesses may face additional disruptions that could significantly affect their operations and finances. Read more…

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