Go Back   Winnipesaukee Forum > Winnipesaukee Forums > Restaurant Information & Reviews
Home Forums Gallery Webcams Blogs YouTube Channel Classifieds Calendar Register FAQDonate Members List Search Today's Posts Mark Forums Read

Reply
 
Thread Tools Display Modes
Old 03-19-2020, 06:04 PM   #1
Sue Doe-Nym
Senior Member
 
Join Date: Jul 2009
Posts: 1,371
Thanks: 709
Thanked 756 Times in 392 Posts
Default Insurance related to (restaurant) biz

I am basing this thought on a discussion with my husband, who posed an interesting question: he wondered whether “business interruption insurance” could possibly cover business lost by the deadly Coronavirus. Frankly, it’s nothing I had ever heard of, so do any of you have any ideas? It would certainly be helpful if it counted as a remedy.
Sue Doe-Nym is offline   Reply With Quote
Old 03-19-2020, 06:11 PM   #2
baygo
Senior Member
 
Join Date: Oct 2009
Posts: 695
Thanks: 187
Thanked 531 Times in 227 Posts
Default

Quote:
Originally Posted by Sue Doe-Nym View Post
I am basing this thought on a discussion with my husband, who posed an interesting question: he wondered whether “business interruption insurance” could possibly cover business lost by the deadly Coronavirus. Frankly, it’s nothing I had ever heard of, so do any of you have any ideas? It would certainly be helpful if it counted as a remedy.
Funny you should ask. I actually have some first-hand experience, directly related. The insurance industry cleverly created some fine print after SARS that Excuses them from liability. One has to get a specific virus binder to reap benefits. Spread the word. It cost me a lot of money to learn that.
baygo is offline   Reply With Quote
The Following User Says Thank You to baygo For This Useful Post:
Sue Doe-Nym (03-19-2020)
Old 03-19-2020, 06:15 PM   #3
Newbiesaukee
Senior Member
 
Newbiesaukee's Avatar
 
Join Date: May 2004
Location: Coral Gables, winter; Long Island, summer
Posts: 1,349
Thanks: 921
Thanked 569 Times in 295 Posts
Default

We have a few business tenants. We got a newsletter today discussing some of these issues. Their opinion was that general business interruption insurance would not apply as these policies usually cover interruption based on physical damage to a property. Clearly this is not definitive but you asked for some info.
__________________


"You're only young once, but you can be immature forever."
Newbiesaukee is offline   Reply With Quote
The Following User Says Thank You to Newbiesaukee For This Useful Post:
Sue Doe-Nym (03-19-2020)
Old 03-19-2020, 06:20 PM   #4
Sue Doe-Nym
Senior Member
 
Join Date: Jul 2009
Posts: 1,371
Thanks: 709
Thanked 756 Times in 392 Posts
Default

We are retired, but I thought the idea warranted any help the forum members might have. It seemed too good to be possible, and that seems to be the case. Thank you two for your clarification on this.
Sue Doe-Nym is offline   Reply With Quote
The Following User Says Thank You to Sue Doe-Nym For This Useful Post:
Newbiesaukee (03-19-2020)
Old 03-19-2020, 06:51 PM   #5
joey2665
Senior Member
 
joey2665's Avatar
 
Join Date: Sep 2008
Location: Meredith Bay & LI, NY
Posts: 3,220
Thanks: 1,205
Thanked 1,007 Times in 648 Posts
Default

I received a letter from my broker today that states viruses are specifically excluded from businesses interruption and civil authority coverage.


Sent from my iPhone using Winnipesaukee Forum mobile app
joey2665 is offline   Reply With Quote
The Following User Says Thank You to joey2665 For This Useful Post:
Sue Doe-Nym (03-19-2020)
Sponsored Links
Old 03-19-2020, 08:44 PM   #6
TheTimeTraveler
Senior Member
 
Join Date: Aug 2015
Posts: 816
Thanks: 256
Thanked 259 Times in 157 Posts
Default

Well, put it this way. If the Virus is covered this year then you can be sure when the Policy renews that "Virus" will not be covered in the future.

This is the same type of thing that folks went thru with "Terrorism" issues, Not a problem prior to 9/11/2001 but after that new Policies were written so that Terrorism issues would not be covered.
TheTimeTraveler is offline   Reply With Quote
Old 03-19-2020, 09:01 PM   #7
Sue Doe-Nym
Senior Member
 
Join Date: Jul 2009
Posts: 1,371
Thanks: 709
Thanked 756 Times in 392 Posts
Default

Quote:
Originally Posted by TheTimeTraveler View Post
Well, put it this way. If the Virus is covered this year then you can be sure when the Policy renews that "Virus" will not be covered in the future.

This is the same type of thing that folks went thru with "Terrorism" issues, Not a problem prior to 9/11/2001 but after that new Policies were written so that Terrorism issues would not be covered.
According to baygo, you can get coverage with a specific rider on your business insurance policy. I am hoping that tonight’s comments from forum posters will be helpful in the future, if not for this crisis.
Sue Doe-Nym is offline   Reply With Quote
Old 03-19-2020, 09:32 PM   #8
DesertDweller
Senior Member
 
Join Date: Aug 2011
Location: Las Vegas, NV and Moultonborough, NH
Posts: 361
Thanks: 24
Thanked 84 Times in 70 Posts
Default

It is my understanding that most business interruption insurance likely will not cover claims related to COVID-19. The one coverage where there is a great of discussion and potentially litigation on is civil authority coverage when a government prohibits access to your business which is happening in various industries in a bunch of states.
DesertDweller is offline   Reply With Quote
The Following User Says Thank You to DesertDweller For This Useful Post:
Sue Doe-Nym (03-19-2020)
Old 03-19-2020, 09:46 PM   #9
Sue Doe-Nym
Senior Member
 
Join Date: Jul 2009
Posts: 1,371
Thanks: 709
Thanked 756 Times in 392 Posts
Default

Quote:
Originally Posted by DesertDweller View Post
It is my understanding that most business interruption insurance likely will not cover claims related to COVID-19. The one coverage where there is a great of discussion and potentially litigation on is civil authority coverage when a government prohibits access to your business which is happening in various industries in a bunch of states.
In the event where government demands closure of all restaurants, for example, thus preventing the operation of these businesses, perhaps the owner(s) could prevail in a case against their insurance company (ies), demanding coverage ?
Very interesting.
Sue Doe-Nym is offline   Reply With Quote
Old 03-20-2020, 07:55 AM   #10
AC2717
Senior Member
 
AC2717's Avatar
 
Join Date: Apr 2007
Location: Maynard, MA & Paugus Bay
Posts: 2,520
Thanks: 742
Thanked 344 Times in 257 Posts
Default

Agent here:
Viruses are specifically excluded from policy coverage and has been for quite some time (personal and commercial).
Also in order for business Income interruption coverage to be triggered, there has to be a direct physical loss to the property. There is no physical loss to the property to trigger the BII.

ISO (a forms maker for the insurance industry) has created about 2 months or so ago buy back forms for the industry carriers to adopt and file if they want to or they could manuscript their own. Very few if any carriers have, even to the point where ISO has not even assigned a form number or edition date to the forms. Reason being is that the cost to add it to the policy at this particular time would be so expensive the likelihood of an insured purchasing it would be very little. There are some high end carriers and specialty carriers that have a virus buy back but that is on the level of some complicated businesses and specialties
__________________
Capt. of the "No Worries"
AC2717 is offline   Reply With Quote
The Following User Says Thank You to AC2717 For This Useful Post:
upthesaukee (03-20-2020)
Old 03-20-2020, 07:57 AM   #11
AC2717
Senior Member
 
AC2717's Avatar
 
Join Date: Apr 2007
Location: Maynard, MA & Paugus Bay
Posts: 2,520
Thanks: 742
Thanked 344 Times in 257 Posts
Default

Quote:
Originally Posted by Sue Doe-Nym View Post
In the event where government demands closure of all restaurants, for example, thus preventing the operation of these businesses, perhaps the owner(s) could prevail in a case against their insurance company (ies), demanding coverage ?
Very interesting.
Hi, with a Govt shutdown that too is in most cases an exclusion under Civil Authority
__________________
Capt. of the "No Worries"
AC2717 is offline   Reply With Quote
Old 03-20-2020, 08:00 AM   #12
AC2717
Senior Member
 
AC2717's Avatar
 
Join Date: Apr 2007
Location: Maynard, MA & Paugus Bay
Posts: 2,520
Thanks: 742
Thanked 344 Times in 257 Posts
Default

Quote:
Originally Posted by Sue Doe-Nym View Post
According to baygo, you can get coverage with a specific rider on your business insurance policy. I am hoping that tonight’s comments from forum posters will be helpful in the future, if not for this crisis.
Terrorism was never covered prior to 9/11, in fact after 9/11 it was a federal mandate that terrorism coverage be offered and rated for commercial insurance customers. The customers have the options to purchase or not to purchase it. (the price is very minimal in relation to rest of the premium)

Terrorism is also now automatically included in most states on Workers Compensation. in MA for example, it is included and rated for.
__________________
Capt. of the "No Worries"
AC2717 is offline   Reply With Quote
Old 03-20-2020, 08:14 AM   #13
upthesaukee
Senior Member
 
upthesaukee's Avatar
 
Join Date: Jan 2003
Location: Alton Bay
Posts: 5,545
Blog Entries: 2
Thanks: 2,393
Thanked 1,918 Times in 1,061 Posts
Default Only definitive answer...

Truly, the only way to know for sure is for the business owner to carefully read their insurance policy, and to verify coverage (or lack thereof) with their insurance agent. As Baygo said, you have to find out not only what is covered, but what is not.

When I worked as an underwriter, I learned that an insurance policy was written to define coverage, define what's not covered (called exceptions), define what in an exception may actually be covered (an exception to an exception), etc.. Most importantly, always remember that insurance policies are not written by insurance company personnel, but rather by lawyers.

Dave
__________________
I Live Here... I am always UPTHESAUKEE !!!!
upthesaukee is offline   Reply With Quote
Old 03-20-2020, 11:10 AM   #14
winterh
Senior Member
 
Join Date: Jun 2009
Posts: 229
Thanks: 21
Thanked 118 Times in 53 Posts
Default

I learned the other day that the virus is excluded in my business interruption insurance. It was in the fine print which I must admit I never read as I never imagined we would be where we are today. My agent tells me that there is talk of the govt backing the insurance companies and having them cover this. They want to get money to small businesses and they look at this as a quicker, less bureaucratic way to do so. The insurance companies have the infrastructure in place to get it out quicker. I understand the no bailout/limited govt crowd and generally come down on that side. Flip side of that is millions losing their job and bankruptcies like we have never seen. I don't even pretend to know what the right answer is.
winterh is offline   Reply With Quote
Old 03-21-2020, 09:38 AM   #15
Doobs41378
Senior Member
 
Join Date: Jul 2016
Posts: 510
Thanks: 234
Thanked 88 Times in 73 Posts
Default

I use to watch a show about the Sturgis bike rally and the owner of the Full Throttle Saloon would buy "rain insurance" if it rained over a certain amount on any day the policy paid out. I had never heard of that before. I know it doesn't directly relate to this topic but it was basically his business interruption insurance.
Doobs41378 is offline   Reply With Quote
Old 03-23-2020, 07:31 AM   #16
AC2717
Senior Member
 
AC2717's Avatar
 
Join Date: Apr 2007
Location: Maynard, MA & Paugus Bay
Posts: 2,520
Thanks: 742
Thanked 344 Times in 257 Posts
Default

you can basically buy insurance on anything you want only two things need to happen:
you need to find a carrier or group to insure what you want
and you need to pay them what they want

Lloyd's of London is one of those companies
__________________
Capt. of the "No Worries"
AC2717 is offline   Reply With Quote
The Following User Says Thank You to AC2717 For This Useful Post:
upthesaukee (03-23-2020)
Old 03-23-2020, 02:37 PM   #17
JEEPONLY
Deceased Member
 
Join Date: Nov 2014
Posts: 702
Thanks: 360
Thanked 179 Times in 141 Posts
Default

https://havenlife.com/blog/craziest-...lloyds-london/
JEEPONLY is offline   Reply With Quote
The Following User Says Thank You to JEEPONLY For This Useful Post:
Crusty (03-24-2020)
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump


All times are GMT -5. The time now is 12:40 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.

This page was generated in 0.27709 seconds