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Cos. Should Inspect Insurance Policies for COVID-19 Coverage

Businesses seeing a slowdown or interruption in their operations with the emergence of COVID-19 may want to check their insurance coverage.

That is according to a legal alert issued March 16 by Allen Matkins, a law firm with five offices in California.

Business interruption insurance generally helps protect against lost income after a covered peril that affects a business. While covered perils typically include theft, fire, wind, falling objects, and/or lightning, recent policies have been offered to expand coverage to adapt to modern business interruption damages such as cyberattacks.

A careful examination of business insurance policy documents may help a business owner determine if the insurer helps cover losses arising from COVID–19.

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To the extent coverage is available to protect against COVID–19 losses, the recent travel bans implemented by the U.S. government, and many local and state governments issuing a state of emergency, are factors that may be the trigger point for which insurance coverage or business income loss coverage may apply. A stronger case for coverage was made since the announcement of a national state of emergency.

Michael Betz, Thomas Gibbs and Scott Leipzig, all partners in Allen Matkins, authored the update.

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