The ABI makes a statement about the Coronavirus and business insurance.
In light of the recent developments with Coronavirus, an ABI spokeswoman stated:
“Commercial insurance policies cover a wide range of hazards and can be adapted to the needs of specific businesses, including coverage extensions.” Businesses who are concerned about the effects of Covid-19 should review their insurance coverage and consult with their insurance counsel or broker.
A small percentage of businesses may have insurance in place that explicitly covers business interruption caused by notifiable diseases. This form of extension, however, is not frequently included as a standard. Standard company insurance policies are intended and structured to handle standard risks and are so unlikely to cover the effects of worldwide pandemics such as Covid-19.”…