Businesses should consult their Commercial Property Insurance Policy, which will include BI and Extra Expense (EE) Coverage, both of with are intended to address loss of revenue and associated expenses. Coverage, however, will be largely dependent upon the specific policy language in your form especially if it is a “Named Risk” versus “All Risk” policy. As any Coronavirus (COVID-19) related claim is currently unchartered territory, it is highly recommended to take early action with your Broker and submit claims notwithstanding the likelihood of them being initially denied by the Insurance Carrier.   If you need additional assistance, please contact ICA Risk Management attn: Michael Santulli. 

Recommended steps may include: 

• Reach out to your insurance provider to see if you have Business Interruption Coverage and/or Loss of Income Coverage and if you would qualify.  Review your policies.

• Track losses, even if there are issues or questions that may ultimately preclude coverage. 

• You will be required to show the drop in revenue or gross sales for the time period you are potentially unable to pay full rent.

• If you incurred physical damages related to Coronavirus, please collect your receipts and explanations for repair and replacement.

• If you incurred additional expenses due to Coronavirus in order to implement risk mitigation and prevent further impact, e.g., for additional security, additional cleaning, track these expenses.

• Claims typically should be submitted as soon as losses have been realized and can be updated to provide additional information. 

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