Fight For Your Business Interruption Insurance Payout - May 7th Webinar | Summary and Q&A

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May 13, 2020
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Morgan & Morgan
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Fight For Your Business Interruption Insurance Payout - May 7th Webinar

TL;DR

Lawyer Mark Nation answers questions on business interruption insurance claims, advises filing claims despite insurance company denials, and offers guidance on the claims process.

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Key Insights

  • 💼 Filing a business interruption claim is recommended, even if the insurance company denies coverage, as many cases may be covered.
  • 🛄 Policyholders should provide prompt notice of claims to avoid giving the insurance company a defense.
  • 😚 Claims cover ongoing expenses, lost profits, and extra expenses resulting from business suspension.
  • ❓ Insurance companies may send questionnaires, but it is advisable to have a lawyer fill them out to protect the policyholder's interests.
  • 👨‍💼 It is important to document all losses and maintain thorough records of business interruption.

Transcript

All right. - We are broadcasting live. We are, here thank you for joining Morgan & Morgan's, Insurance Recovery Group, a Fight For Your Business Interruption Payout led by double board certified insurance claim trial lawyer, Mark Nation. I'm Phil Sanov trial lawyer with Morgan & Morgan's Insurance Recovery Group. I am so grateful to be here to intr... Read More

Questions & Answers

Q: Can filing a business interruption claim lead to denial of insurance or increased rates in the future?

Filing a claim does not automatically result in insurance denial, but it can lead to premium increases in the future. Premiums tend to increase each year regardless of claims history.

Q: Should claims be filed for future sales lost due to COVID-19?

Yes, claims should be filed for future lost sales. Document all losses, as future claims may need this information. Claims cover ongoing expenses, lost profits, and extra expenses incurred due to business suspension.

Q: Should policyholders file claims with their agent or directly with the insurance company?

It is advisable to file claims with both the agent and the insurance company directly. This ensures that the claim is properly reported and avoids potential issues of late notice.

Q: Which types of insurance claims does the lawyer handle?

The lawyer and his team handle various types of insurance claims, including business interruption, life insurance, accidental death, disability, homeowners, and more.

Summary & Key Takeaways

  • Lawyer Mark Nation, along with his team of lawyers, helps policyholders file claims against their insurance companies for various types of claims, including business interruption.

  • Mark encourages policyholders to file business interruption claims, even if the insurance company denies coverage, as many cases will likely lean towards being covered.

  • He provides a sample letter to help policyholders file claims and warns about the importance of prompt notice to avoid giving the insurance company a defense.

  • Mark addresses specific questions from attendees, such as potential insurance rate increases and claims for future lost sales.

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