U.S. property and casualty insurers have cast the coronavirus pandemic as an unprecedented event whose massive cost to small businesses they are neither able nor required to cover.
FILE PHOTO: Emergency medical technicians unload a patient into an ambulance outside of the Hammonton Center for Rehabilitation and Healthcare one of numerous nursing homes to have staffing shortages during the national outbreak of the coronavirus disease in Hammonton, New Jersey, U.S., May 19, 2020. REUTERS/Lucas Jackson
Insurers say business interruption policies only apply when actual physical property damage prevents a business from operating and any attempt to apply cover beyond that, for a pandemic, are unconstitutional. The APCIA estimate is an industry worst-case scenario based on all small firms with business interruption coverage being able to claim. It also assumes that between 60% and 90% of businesses with fewer than 100 employees will be impacted by COVID-19.
Leverty said that if the estimate counted only businesses without explicit exclusions for pandemics, “it would be in the millions per month.” “I said, ‘Look, we don’t want insolvency, but surely there is some place between 100% denial and insolvency that you can operate within,’” Freiman told Reuters.
“Businesses are being told if you file they will probably deny you,” Andrew Wrigie, executive director of the New York City Hospitality Alliance, which represents 2,500 bars and restaurants in New York City, told Reuters.That’s not an option for George Sizemore, owner of Bit of England Darts & Games Shoppe in Virginia Beach.
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