How an Insurance Policy Can Reduce the Profit and Losses?

Small and large businesses are wondering, during this unprecedented time in the world, how the significant economic impact will be after COVID-19, including the coronavirus. We have experienced substantial difficulties among hotels, restaurants, medical centers, entertainment centers and many other businesses in Oklahoma City, a state which is heavily dependent on tourism. Thankfully you can cover the financial shortcomings of the commercial insurance policy.

It is important that, before reading it, you must understand that insurance policies are generally in a variety of types and the following discussion is based on general policy languages which your policy may or may not contain. Therefore, it is imperative that you consult a civil attorney to thoroughly review your policy to determine what coverage you and your business may have. We still want to review your business disruption policy or business loss policy, even if your policy contains exclusion for pandemic losses. The jurisdiction in this field is constantly evolving. There is therefore a chance that your policies can actually cover the coronavirus financial losses.

Several states are considering legislation to force insurance companies into covering business losses of COVID-19 irrespective of any exclusion. This is why you now have to act and adapt your claim to the possibility of a settlement.

Coverage of Business Revenues

Corporate income coverage often provides financial compensation for actual loss of corporate income, which you sustain during the restoration period as a result of the necessary suspension. The suspension is caused by the physical direct loss or damage of property at the premises of your business. The loss and the damage must be a result of Covered Loss of Cause.

Even if you believe a virus is unable to cause physical loss or damage, the physical loss or damage has been found to be 'any impact on the property that prevents it from being used for a particular purpose,' including bacterial contamination.

We are currently looking forward to forthcoming disputes in order to determine the causal aspect of business income. It can be expected that insurance operators deny coverage because the presence of the virus on site cannot be demonstrated by most companies. However, the fear of the virus is sufficient to invoke this coverage.

Lastly, depending upon the type in place of insurance policy, a section that seeks to limit coverage under certain conditions such as virus, bacteria, molds, micro-organisms, contaminations, pollution etc. may be included in your policy. However, it is important to note that not all policies contain these exclusions and that these may not be fatal to your policy claim. You should therefore always consult civil attorney and request to examine your policy to determine if you are entitled to compensation for your loss, even though such exclusion exists.

Civil Service

The losses suffered as a result of the 'civil authorities' may also be covered. Civil Authority Coverage applies to property that is adjacent to or within a certain distance from insured premise that prevents, prohibits or impairs the access to the insured premises, in the case of an order or action that is issued or taken as a result of (a) physical loss or damage.

If the covered cause of loss causes damage to other property than property in the premises described, the insurance company will pay for your actual loss of business income and additional expenses incurred by civil agency action prohibiting access in the premises described provided. Contact Foshee and Yaffee for civil attorney in OKC. Here we would serve you in legal needs.

**Disclaimer: This content is not to be construed as legal advice nor does it establish terms of a client-attorney relationship.