I am also curious if anyone knows the answer to Alex’s question. How is this different than the Economic Injury Disaster Loans or Paycheck Protection Program.
The story asserts that business interruption losses would be between $220-$383 billion per month. But how many of those businesses have business interruption insurance? Shouldn’t we be talking about the insurance industry’s exposure, which surely would be a much smaller number? Not every business takes the protective step of business interruption insurance. But some do and the needs of only those businesses represent the exposure of the insurance industry in this case.
Alot of our insured’s do have Business Interruption coverage as part of their Business Owner’s policy but most of our carriers are saying this is excluded as either 1. the policy has a virus exclusion or 2. Act of God exclusion or 3. there wasn’t a direct physical loss to the place of business –i.e. fire, water damage etc. Which is not at all what this article is saying.
If they could get this rolled out and executed as soon as possible, many small business owners would be extremely grateful for saving their livelihoods and their businesses from this pandemic. Both PPP and the SBA has yet to deliver on anything and we are going on a month of being closed.
Exactly what I was hoping for.
Anyone know how this is this any different from the Economic Injury Disaster Loans or the Paycheck Protection Program?
Loan or Grant? And looks like lost profits are NOT included.
I am also curious if anyone knows the answer to Alex’s question. How is this different than the Economic Injury Disaster Loans or Paycheck Protection Program.
The story asserts that business interruption losses would be between $220-$383 billion per month. But how many of those businesses have business interruption insurance? Shouldn’t we be talking about the insurance industry’s exposure, which surely would be a much smaller number? Not every business takes the protective step of business interruption insurance. But some do and the needs of only those businesses represent the exposure of the insurance industry in this case.
Alot of our insured’s do have Business Interruption coverage as part of their Business Owner’s policy but most of our carriers are saying this is excluded as either 1. the policy has a virus exclusion or 2. Act of God exclusion or 3. there wasn’t a direct physical loss to the place of business –i.e. fire, water damage etc. Which is not at all what this article is saying.
Jennifer
If they could get this rolled out and executed as soon as possible, many small business owners would be extremely grateful for saving their livelihoods and their businesses from this pandemic. Both PPP and the SBA has yet to deliver on anything and we are going on a month of being closed.