Insurance Recovery Group Presents: BUSINESS INTERRUPTION Q&A - May 21

TL;DR

Learn about the importance of filing a business interruption insurance claim, despite potential denial. Experienced lawyers explain coverage triggers and exclusions and provide insights for policyholders.

Transcript

• All right, we are broadcasting live. Welcome to Morgan & Morgan. - A second, Phil. - Oh, okay? - They're filtering in right now. - Okay. Welcome to Morgan & Morgan Insurance Recovery Group, production of fight for your business interruption insurance claim payout, brought to you. Your host and guide today will be double board certified, Trial Law... Read More

Key Insights

• 👨‍💼 It is important to file a business interruption insurance claim even if the insurance company denies coverage, as different policies have varying interpretations of coverage triggers and exclusions.
• 🪡 The webinar emphasizes the need for experienced legal representation to navigate the complexities of insurance claims and maximize the chances of a favorable outcome.
• 📁 Policyholders should be cautious of agents discouraging them from filing claims, as they may not have a comprehensive understanding of policy coverages.
• 🖐️ Exclusions that mention viruses or microorganisms do not automatically exclude coverage for business interruptions due to the COVID-19 pandemic, as policy language plays a significant role.
• 🛄 Forensic accountants can assist in preparing claims, ensuring the necessary documentation is provided to support the claim.

Questions & Answers

Q: How does this apply to businesses that are partially shut down or providing limited services?

The coverage will depend on the policy, but some policies allow for coverage during a partial suspension of operations or while businesses are ramping back up after a shutdown.

Q: My insurance company is asking for accounting documents to prove my losses. Can you help with that?

Yes, an experienced lawyer can assist in preparing your claim, including the necessary documentation. They can also ensure the claim is presented in a way that maximizes the chances of it being accepted by the insurance company.

Q: My policy includes a virus and bacteria exclusion. Is there still a possibility of coverage?

It is recommended to file a claim, as some policies may have exclusions that do not apply to the direct physical loss cases caused by the pandemic. An experienced lawyer can evaluate your policy and determine the best course of action.

Q: How do I handle a denial from my insurance company?

It is crucial to consult with a lawyer experienced in insurance claims. They can review the denial letter and policy language to determine if there are grounds for contesting the decision.

Summary & Key Takeaways

• The webinar focuses on the fight for business interruption insurance claim payouts and highlights the importance of seeking legal representation for insurance claims.

• The lawyers emphasize the need to file a claim even if the insurance company denies coverage, as there are potential grounds for contesting their decision.

• Various questions are answered, including one about the potential coverage for businesses that are partially closed or offering limited services due to COVID-19 restrictions.

• The lawyers also discuss the virus exclusion and explain how specific policy language affects coverage eligibility.