Answers you need during this outbreak
Claims - Business Interruption
You most likely have had one or more inquiries regarding Business Interruption from your Business Insurance customers.
As you know, most property insurance includes direct loss or time element business interruption coverages, including civil authority and dependent property endorsements. Property coverage is designed to cover losses resulting from the direct physical damage or physical loss to the scheduled property.
Generally, this coverage does not apply to a loss involving a virus or bacteria. Every situation is unique and should be looked at on a case-by-case basis.
If you believe that your client has experienced a claim or loss, we recommend that you report the claim to QBE NewLossQBE@us.qbe.com, or call 1-844-723-2524 to allow a claims adjuster to make an evaluation.
New: Midterm Exposure Adjustment to help your customers
We realize that many of your customers’ businesses are temporarily closing or slowing down due to COVID-19. Core Commercial is offering voluntary exposure change modifications based on the insured's estimate of the economic impact over their policy term. This form can be used to adjust ratable factors (example: payroll, sales, etc.) to more accurately reflect the insured's current situation. In most cases this should help them see some premium relief.
Any downward adjustments will be re-evaluated after the COVID impact has passed and business resumes under "normal" conditions.
Please contact your Core Commercial Underwriter with your questions.
Best regards,
Ron Casner
Chief Underwriting Officer, Core Commercial
Please be advised that any and all information, comments, analysis and/or recommendations set forth above relative to the possible impact of COVID-19 on potential insurance coverage or other policy implications are intended solely for informational purposes and should not be relied upon as legal advice. We have no authority to make coverage decisions, as that ability rests solely with the issuing carrier. Therefore, all claims should be submitted to the carrier for evaluation. The positions expressed herein are opinions only and are not to be construed as any form of guarantee or warranty. Finally, given the extremely dynamic and rapidly evolving COVID-19 situation, comments above do not take into account any applicable pending or future legislation introduced with the intent to override, alter or amend current policy language.
