We are here to help our clients navigate their way into the future.
Coronavirus is causing business owners to face new and unfamiliar challenges. The widespread shutdowns relating to the spread of the coronavirus are having a huge impact on businesses everywhere. Even businesses that have yet to feel the direct effects of these shutdowns see much uncertainty in the near future.
For many business owners, one of the first questions on their mind is whether there is any way to mitigate their losses and protect their businesses through their insurance policies. While insurance industry trade groups have tried to quickly spread a message through the media that there is little or no coverage available for coronavirus-related claims, the real answer is more complicated and nuanced.
Not all policies are identical, and each policy’s unique coverages, exclusions, amendments, and endorsements can be overwhelming to sort out. Insurance policies are complicated contracts that are often ambiguous and open to interpretation. This is especially true now as we head into unchartered waters as a result of the effects of the coronavirus.
For business owners, this means that there may be more coverage available to them than their insurance agents might acknowledge. However, it is critical that business owners timely analyze their policies, file any potential claims, and, where appropriate, file lawsuits for wrongfully denied claims.
But one thing is certain: disputes arising out of coronavirus-related claims will be fiercely litigated in the months to come, as insurance companies try to limit their exposure.
At Chapman Spingola, we have successfully fought for our clients against insurance companies that wrongfully denied coverage for their claims. We also know how to help business owners understand their policies and assess whether and how to file an insurance claim.
Contract Performance
Because of widespread disruption of supply chains, government-mandated closures, and staffing shortages, many business owners are finding that they, or their contractual partners, are unable to fulfill their contracts. In these situations, it is critical for business owners to understand their risks, liabilities, and options. For example, some contracts include provisions that forgive a party’s performance when certain unforeseen conditions—like the pandemic caused by Covid-19—occur.
At Chapman Spingola, we pride ourselves on quickly and efficiently solving our clients’ problems at the earliest stages. We guide clients in negotiating win-win outcomes before disputes arise; however, when necessary, we are ready to litigate from start to finish to protect our clients’ interests.
If Chapman Spingola LLP can be of assistance concerning your COVID-19-related business issues, please contact John Owen at jowen@chapmanspingola.com or (312) 606-8654.