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Business Income & COVID-19

Business owners are facing unprecedented times.    We at Connell Insurance want you to know, that first and foremost, we are here to help in whatever capacity we can.   You have chosen Connell as your trusted advisors, and we stand ready to fill that role.   One way we want to fulfill that role, is by giving you upfront information about business income coverage.

Business Income Coverage

Business income coverage provides insurance for the loss of income due to direct physical damage of the insured property.  The loss or damage must be caused by or result from a covered cause of loss.  Currently, viruses and bacteria are not a qualifying cause of loss to enact this coverage.

Contingent Business Interruption Coverage

Also known as supply chain coverage.  This coverage provides business income, should a supplier cease operations due to direct physical damage of their property.   Currently, viruses and bacteria are not a qualifying cause of loss to enact this coverage.

Civil Authority

Civil authority coverage provides business when a civil or governmental authority prohibits access to property.    The key to this coverage is that again, the qualifying cause of loss is direct physical damage.   For example, a city shuts down access to a street due to rioting, or a sinkhole.   Currently, viruses and bacteria are not a qualifying cause of loss to enact this coverage.

Should I turn in a claim?

Please be advised that each insurance carrier makes claims determinations on the individual facts and merits of each claim.    Connell Insurance cannot and will not make claims or coverage determinations on a carrier’s behalf.   We as your agent are here to assist you in filing claims, should you as the client decide to do so.

The Connell team is continually monitoring the situation, and will endeavor to advise of changes as they arise.   Should you have any questions or concerns, please feel free to contact the team at any time.

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