As our nation deals with the far-reaching consequences of the coronavirus (COVID 19), the impact will range from grocery store shortages, school closings, and many businesses closing or reducing hours or services, to casinos closing in many jurisdictions, all for the benefit and safety of their employees, customers, and the general public. As closures increase,…
Decided to make this re-blog the Mississippi Mondays post today as this is something that may apply to your company regardless of where the company is located. As I said below, check the insurance laws in your area as they may be significantly different.
The article applies to any company that has a business interruption insurance policy, not just those in Mississippi although it is referencing Mississippi insurance laws. If your company has a policy, it’s best to read the policy and see what’s covered and what’s not covered. You also need to review what state law covers as some states have different laws depending on who issued the policy. Your state laws may differ substantially.
These policies are sold by both licensed and surplus lines commercial insurers. Since there are a wide range of policy languages from insurer to insurer and each policy may have differences, it is important to understand those differences in surplus line products and those sold by licensed insurers. The two are treated and regulated differently by the state insurance regulators.
Past Mississippi Mondays posts – https://upsdownsfamilyhistory.wordpress.com/tag/mississippi-mondays/