Insurance Coronavirus Litigation Lawyer Philadelphia
Our country has entered an unprecedented time. The COVID-19 (Coronavirus) has wreaked havoc with the economy. Thousands of businesses have been ordered closed and/or disrupted as the result of this virus. The National Restaurant Association on Wednesday wrote to President Trump and congressional leaders estimating that the industry’s sales will decline by $225 billion during the next three months, which will prompt the loss of between five and seven million jobs. Abercrombie & Fitch Co. expects an adverse impact of $60 million to $80 million on sales this year as a result of the outbreak. It has also lost $4 million “primarily from store closures in mainland China due to the coronavirus.
Most affected businesses are asking the same question. What will happen to us? Will we survive? How will we pay our employees? What about rent and other bills? Fortunately, the U.S. government has stepped up and continues to step by giving loans and grants to businesses affected to COVID-19. There is something every business owner must know and explore. Most businesses have insurance coverage. This business coverage usually includes BUSINESS INTERRUPTION COVERAGE. BUSINESS INTERRUPTION COVERAGE is also sometimes known as BUSINESS INCOME INSURANCE. This insurance covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster. In the case of COVID-19 (Coronavirus), there is the additional aspect of the claim because of the business being closed because of the government order.
Our BUSINESS INTERRUPTION COVERAGE and BUSINESS INCOME INSURANCE lawyer will review your business insurance policy free of charge to determine whether you have any BUSINESS INTERRUPTION COVERAGE and BUSINESS INCOME INSURANCE coverage. BUSINESS INTERRUPTION INSURANCE COVERAGE will generally have four areas – Business Income, Civil Authority, Extended Business Income, and Dependent Properties.
CIVIL AUTHORITY INSURANCE COVERAGE kicks in when a civil authority prohibits access to the Business, provided that both of the following apply: 1).Access to the area immediately surrounding the damaged property is prohibited by civil authority as a result of the damage, and the described premises are within that area but are not more than one mile from the damaged property; and 2).The action of civil authority is taken in response to dangerous physical conditions resulting from the damage or continuation of the Covered Cause of Loss that caused the damage, or the action is taken to enable a civil authority to have unimpeded access to the damaged property.
While even if your insurance policy has these coverages, your Insurance Company will try to get out of paying your claim. The Insurance Companies usually do this by claiming that there is some sort of “exclusion” that prevents payment of the otherwise legitimate claim. The Insurance companies are not always honest when they claim that an “exclusion” applies. Our BUSINESS INTERRUPTION COVERAGE and BUSINESS INCOME INSURANCE lawyers will review YOUR insurance policy and determine if you have any BUSINESS INCOME INSURANCE coverage to your company and if your insurance policy is subject to any exclusions, specifically as it applies to COVID-19 (Coronavirus).