All the misguided politicians in the world can’t change the fact that COVID-19 lockdowns are not about property damage. If it was, every single homeowner’s policy would have a legitimate claim. The same microscopic bacteria that may or may not have passed through all the businesses that have had to close have surely invaded our homes. How do I know if my property is damaged or not? I guess I need a politician to come up with the right words.
So, it reads like a few (plaintiff) attorneys and their (political) clients colluded to create an arbitrary or false emergency order (narrative) wording to seek coverage where none contractually exists.
State and local politicians taking trashing insurance contracts to extort money from the industry seems new to me. Judges and juries have been doing that for a long time, but that’s to be expected (not that carriers get a free pass, mind you). If there is property damage to those shuttered businesses, what are the ones that remain open doing differently? One store sells bread another doesn’t and that equates to damage vs. no damage? There isn’t even the remotest argument in favor of this that passes any reasonable litmus test. I dunno. Haven’t figured out if it scares me more than it frustrates me that people can’t get past two words in the title of a coverage part.
It’s just like rental reimbursement coverage. There is no rental reimbursement coverage if there is no associated (and covered) comprehensive or collision claim. There is no stand-alone rental reimbursement coverage. Carriers have excluded viruses since Lloyds of London started in 1686. Unless you have a (covered) corresponding property damage or other valid cause of loss / claim, there is no coverage for viruses, and you cannot make a stand-alone business interruption-only claim. There is no business interruption claim unless there is an associated (and covered) property damage or other valid claim. Period. End of discussion. It doesn’t matter what attorneys and politicians may try to say, write, or decree.
All the misguided politicians in the world can’t change the fact that COVID-19 lockdowns are not about property damage. If it was, every single homeowner’s policy would have a legitimate claim. The same microscopic bacteria that may or may not have passed through all the businesses that have had to close have surely invaded our homes. How do I know if my property is damaged or not? I guess I need a politician to come up with the right words.
So, it reads like a few (plaintiff) attorneys and their (political) clients colluded to create an arbitrary or false emergency order (narrative) wording to seek coverage where none contractually exists.
What else is new?
State and local politicians taking trashing insurance contracts to extort money from the industry seems new to me. Judges and juries have been doing that for a long time, but that’s to be expected (not that carriers get a free pass, mind you). If there is property damage to those shuttered businesses, what are the ones that remain open doing differently? One store sells bread another doesn’t and that equates to damage vs. no damage? There isn’t even the remotest argument in favor of this that passes any reasonable litmus test. I dunno. Haven’t figured out if it scares me more than it frustrates me that people can’t get past two words in the title of a coverage part.
Agreed. I wonder when all the property damage claims will hit? Will insurers demand salvage?
Why don’t government officials simplify things by describing the virus as “COVID by Insurance 19”?
I predict that BI will become a named peril cover. Fire, windstorm etc. If it is even available.
Given the fact the “property damage” could be repaired with a mild bleach and water solution, what would be the “period of restoration”?
It’s just like rental reimbursement coverage. There is no rental reimbursement coverage if there is no associated (and covered) comprehensive or collision claim. There is no stand-alone rental reimbursement coverage. Carriers have excluded viruses since Lloyds of London started in 1686. Unless you have a (covered) corresponding property damage or other valid cause of loss / claim, there is no coverage for viruses, and you cannot make a stand-alone business interruption-only claim. There is no business interruption claim unless there is an associated (and covered) property damage or other valid claim. Period. End of discussion. It doesn’t matter what attorneys and politicians may try to say, write, or decree.