The COVID-19 Taskforce blog offers insights regarding guidance on the most pressing business effects from this pandemic.
The coronavirus pandemic and the “Stay at Home” orders issued by state and local authorities in an attempt to slow the spread of the virus have radically changed the business landscape, closing many businesses outright and drastically reducing the income of many more. Faced with these new realities, many business owners may wonder what remedies are provided by their business interruption coverage and how to avail themselves of those provisions. This article reviews some of the commercial property insurance provisions most applicable to COVID-19 related business interruption coverage claims, and identifies some strategies for making these coverage claims.
Navigating principles of force majeure, impossibility of performance and frustration of purpose. Throughout the country and across the globe, businesses and individuals are facing unique challenges presented by the COVID-19 pandemic and the limitations of movement imposed by governments in its wake. The economic impact has been tremendous.