The insurance impacts of the coronavirus pandemic remain unclear, but experts agree that the effects will reverberate through the industry and economy for years to come.Litigation
In addition to disruptions faced by businesses of all kinds, insurers and brokers also face significant questions about coverage from customers, likely in nearly every line of business.
With travel restrictions in place not only by private employers but also governments, businesses are scrambling to determine not only the effect on business but also potential insurance reimbursement.
“I think we can anticipate claims in every form of coverage,” said Robert McCarthy, partner with Goldberg Segalla. “The vectors are just so numerous.” He said he has fielded numerous coverage questions in recent weeks and told Advisen that coronavirus represents “uncharted territory” for businesses and their insurance partners that translate to long hours fielding claims.
“The unfortunate aspect of this for the carrier space, is that they have to accept the claim and examine it, regardless of whether its covered,” he said, likening it to the high volume of work after a natural disaster. “Thats yeomans work.”