Does Business Interruption Insurance Cover The COVID-19 Pandemic? Insurers Say No, Businesses Call Foul

[Dashinka 24,973]

Does Business Interruption Insurance Cover The COVID-19 Pandemic? Insurers Say No, Businesses Call Foul
 

https://www.ibtimes.com/does-business-interruption-insurance-cover-covid-19-pandemic-insurers-say-no-2960631

Is coronavirus closure covered by business insurance? This California ruling could hold the key
 

https://www.sfchronicle.com/business/article/Is-coronavirus-closure-covered-by-business-15225104.php

[90DayFinancier 910]

This part caught my eye...

 

"Robertson Ryan & Associates of Mequon, Wis., told Bars and Recreation of Milwaukee, which operates ax-throwing, mini-golf, painting and shuffleboard bars, the venues’ are covered only for “direct physical loss of or damage to property at the premises,” BizTimes reported."

 

Really? He has a business that involves axethrowing and alcohol and you just have fire insurance?

[Dashinka 24,973]

7 minutes ago, 90DayFinancier said:

This part caught my eye...

 

"Robertson Ryan & Associates of Mequon, Wis., told Bars and Recreation of Milwaukee, which operates ax-throwing, mini-golf, painting and shuffleboard bars, the venues’ are covered only for “direct physical loss of or damage to property at the premises,” BizTimes reported."

 

Really? He has a business that involves axethrowing and alcohol and you just have fire insurance?

I believe there are more ways property can be damaged then just fire.  That being said, I wonder if we will see more suspicious fies in the near future.

[90DayFinancier 910]

6 minutes ago, Dashinka said:

I believe there are more ways property can be damaged then just fire.  That being said, I wonder if we will see more suspicious fies in the near future.

Any rational business owner should have property and casuality, maybe the insurance Co took a look at the ax throw part and said "no thanks"

[Boiler 46,364]

A friend of mine went to a singles event that included axe throwing, I did think at the time that probably better at a singles event than a couples event.

 

On the Insurance aspect then this is actually something I do know something about. This is not quite a US issues but the US is different in the political control of the market. Now quite why California would want to destroy its Insurance market is another matter.

 

Essentially this falls within the Denial of Access extension, originally developed as giving cover if for example the next door business was on fire and you could not access your property, the wordings were developed and broadened to cover other causes. I have seen some suggestion that some covers particularly those involving Hiscox might have been badly worded and could be seen to include this situation. Here it seems that the Politicians are looking to provide cover that was never there. No insurance market could survive this.

[Burnt Reynolds 5,058]

No market can survive these shutdowns period.