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COVID-19 Insurance Claims

COVID-19 Insurance Claims Attorney

We'll all get through this together.

COVID-19 (Coronavirus) has caused havoc in our community, country and around the world. The risk from quarantine and closures is going to devastate our economy and will have a substantial ripple effect that it will take years us to recover.

Business owners have seen markets declining and losing trillions of dollars, in addition to business closures due to inability to operate. This pandemic’s impact on our economy is unprecedented, as the lockdown will cause businesses to fail the unemployment rate will continue surging. Business owners will have a hard time recovering as income will be limited after the lockdown is over. As a result, business owners will have less income and less profits. All business owners, regardless of sector, will be severely impacted.

The impact and disruption of the Corona virus is an evolving worldwide disaster. COVID-19 losses may be billions more than the asbestosis losses that almost destroyed the insurance industry. Insurance companies will face billions of dollars in claims.

Business owners may be in for a rude shock if they are relying on their so-called “business disruption insurance” to assist in the mounting losses being inflicted by the COVID-19 pandemic. Insurance companies are in the business of making profits, and as business losses pile up, insurance companies are unreasonably denying claims. Insurance companies will find any and all reasons to deny claims, while they sit on billions and billions of reserves for properly made claims. Albeit that insurance is intended to cover unexpected losses, the insurance companies are in the business of making profits and will not easily pay for economic damages related to this pandemic.

Dial (972) 460-9339 now to meet with our COVID-19 lawyer. You can also contact MAS Law Firm online.

As businesses are being closed and/or interrupted, many are left wondering whether the insurance companies are going to cover their lost profits and other damages.

The simple answer is it all depends on both the policy language, and perhaps your lawyer’s creative thinking. Moreover, COVID-19 IS PROBABLY COVERED by a business owner’s commercial property insurance, and not only by the “business disruption insurance.”

Business Insurance Policies are “All Risk” With Limits, Sub-limits and Exclusions. The language of the policies controls your coverage's. It often limits amounts payable per coverage type. The stated coverage in the Declarations is often significantly reduced by later fine print, especially for Business Interruption and Cyber insurance claims.

Your probable coverage's are in your policy provisions for:

  • Business Interruption - covers your lost profits resulting from covered events;
  • Contingent Business Interruption - covers your losses from damage to critical suppliers, like Chinese drywall or steel for contractors, or customers;
  • Extra Expense - covers costs for continuing usual business activities after losses, things like salaries, rent etc;
  • Civil Authority - covers losses due to government restrictions or limitations on use of covered property;
  • Lost or Restricted Access – covers losses from inability to enter or leave your property;

LIMITATIONS: “Direct Physical Loss” to the insured property is typically required, which necessitates an investigation and evaluation of the specific facts and causes of each claim.

COVID-19 IS PROBABLY COVERED by a business owner’s commercial property insurance. Insurance Coverage is an unusual and peculiar area of the law. We have the experience and knowledge to assist you in obtaining every insurance benefit you have already paid for.

Here is what you must know and do NOW.

  • Locate your insurance policies. Business Owners, Property & Cyber. Yes, Cyber too.
  • Carefully read and understand your policies and their specialized terms. That language was carefully drafted by the insurance company lawyers. It is NOT intended to benefit you.
  • If you do not fully and completely understand all of the terms and language in the policy, contact us- we can help.

Remember, successful insurance claims require a.) astute policy analysis, and b.) proper claims tender. The insurance industry has specialized experts drafting policies language, documenting losses, and defending claims.

For more information, please visit our COVID-19 resource center.

Let MAS Law Firm help you during this unprecedented time. Call (972) 460-9339 now.

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