As our nation navigates the uncharted waters of coronavirus (COVID-19), we would like to thank you for the trust you have placed in us. It is during these unsettling times we want to reinforce our commitment to working with you to continue to meet your needs.
Amidst the disruption and uncertainty related to coronavirus (COVID-19), we understand there may be instances because of the impacts of COVID-19 that our clients may find themselves facing financial difficulties. We encourage our clients who may be impacted to directly reach out to their various institutions that they do business with to discuss how they might be able to assist, including:
Directly contacting your personal insurance carriers for special payment arrangements on auto and property insurance premiums and waived late fees
Special payment arrangements on life and health insurance policies
Waived and/or reimbursed deductibles or co-payments for coronavirus-related testing
Special programs for consumer loans and credit card loans
Speaking with your landlord about rent extensions
Claims
The news on all networks have been filled with information on the now declared pandemic of the coronavirus (COVID-19). It is possible on your commercial property insurance to extend coverage to include coverage for loss of business income due to a closure of your business caused by a covered peril. A communicable disease like the coronavirus may not be a covered peril, but you should not allow that assumption to keep you from taking action.
Every claim that occurs is unique, and coverage determined based on the insurance product involved and the facts presented. Without knowing all circumstances, there is no simple way to know if there is coverage for coronavirus.
It is critically important to report all claims and potential claims to EACH AND EVERY CARRIER whose policy might apply to your loss. This includes CGL, Personal Lines, Umbrella, Excess, Workers Compensation, Specialty, and any other policy you may have.
It is best to submit any potential claim directly to your insurance carrier through their online portal so it can be thoroughly evaluated. Claims can be submitted 24/7.
Each claim submitted will be investigated thoroughly. Findings and decisions will be communicated to clients and agents as soon as practicable.
You need to determine whether you purchased business income coverage. If you don’t find the coverage in your policy description, be sure to call our office.
All carriers are carefully monitoring legislative and regulatory developments and will respond to changes in the landscape accordingly.
If your business closes due to the coronavirus, it is important to know (again) that communicable diseases typically are not a covered peril that would give rise to insurance benefits for loss of income. It doesn’t matter if the loss of income is just from a downturn of business due to the loss of many customers or the actual closure of your business.
In this ever-changing environment, it’s important to remember that all policies are defined by their policy language that has been filed and approved by regulators.
However, you should still report all claims and potential claims.
We encourage every client to consider their independent situation and take precautions as they deem appropriate to mitigate risk to their families and business.
A number of Health Services websites have very reliable and up-to-date information on the Coronavirus Pandemic. Some worthwhile ones to review are:
In addition, all levels of Government – Federal, State & Local – are working together to help minimize the impact of the pandemic on the national economy, and to help maintain the safety, security and health of the American people.
The Federal Government has implemented a number of economic stimulus measures aimed at supporting small business.
The links below are informative and will greatly assist our valuable small business clients to review and assess the various financial support options available to them:
Your team at Neate Dupey Insurance Group is here to work with you during this trying time, and we will continue to provide our normal high level of service standards and innovative insurance solutions.
