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.