Will my standard policy or business interruption insurance cover me for interruptions due to COVID-19?
Generally, commercial insurance policies and traditional business interruption polices do not offer coverage for business interruption or supply chain disruption due to a pandemic such as COVID-19. Policy Insuring Agreements require direct physical loss of or damage to property, before Time Element or, Business Interruption coverage is triggered. Illness and fear of contagion that drive patrons away from businesses or, employees who cannot work due to illness, do not create “physical loss or damage to property”.
Policies that have coverage for acts by CIVIL AUTHORITY requires an order of civil authority that prohibits access to an Insured Location, and the order must be in response to direct physical loss or damage, caused by a covered cause of loss, at a location not owned or occupied by the Insured.
For Policies that have CONTINGENT TIME ELEMENT coverage, they too require direct physical loss or damage caused by a covered cause of loss, specifically at a Dependent Location.
Access & Egress coverage where it exists or, as it is sometimes called ‘TENANTS PROHIBITED ACCESS’ requires some physical obstruction to access of the building, not just a recommendation or order (and it only applies where the Insured is Tenant).
What does this mean for WMB?
We have enabled working from home capabilities for the majority our employees so that we can deliver uninterrupted services to all of our clients. Our office will remain open, it is business as usual as we continue to monitor this fluid situation.
Can I defer my premium payment?
As an alternative to paying your premium in full at renewal we offer premium financing, please contact your Account Manager for more information.
Can my policy be cancelled for non-payment?
Yes, insurance companies will cancel for non-payment. Please contact your Account Manager immediately if payment is an issue.