Identifying Fraud in Business Interruption Claims (PropertyCasualty360)

Identifying Fraud in Business Interruption Claims

  Monday, September 26th, 2022 Source: PropertyCasualty360

Business income (interruption) insurance has received a lot of attention since the beginning of the pandemic due to business closures across the globe. Unfortunately for business owners (in the U.S. and most other countries), business income losses were not covered due to a virus exclusion.

The businesses forced to close or curtail their normal business operations due to COVID-19 restrictions or requirements suffered tremendous losses, which were unrecoverable under their policies.

While some businesses were able to pivot and thrive during the pandemic, many had to close their doors permanently.

Business owners need to pay close attention to policy language to have a clear understanding of their coverage in the event of a business interruption.

Business income coverage protects business owners, companies and employees in case of damage that results in the disruption of a business’s ability to make and earn revenue and ultimately a profit. Many covered perils such as fire, water, theft, vandalism, weather and freak accidents can easily destabilize even a thriving business. This coverage is often a saving grace when disaster strikes.

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