Insurance Industry Provides Interactive ‘Explainer’ To Help Navigate Business Interruption Insurance

The Future of American Insurance & Reinsurance (FAIR) campaign—an initiative of the Insurance Information Institute (Triple-I)—has developed a new interactive tool to help showcase the need for a federal solution to pandemic relief. The business interruption insurance “explainer” utilizes innovative, digital storytelling techniques to help clarify information about this complex topic.

“The COVID-19 pandemic has created challenging circumstances and confusing messages for everyone from consumers to policymakers at a time when we need to separate facts from frivolous lawsuits that threaten the solvency of our industry,” said Triple-I CEO Sean Kevelighan. “This new digital tool is designed to educate business owners, legislators, the media and other stakeholders about how business interruption insurance works and why pandemics are not privately insurable.”

Users can navigate FAIR’s explainer at their own pace and visually explore information about what business interruption insurance covers, how surplus helps pay for covered perils such as hurricanes and wildfires, how insurers have stepped up to help policyholders during the COVID-19 crisis, and the need for a federal solution to financially support businesses impacted by the pandemic.

The new tool complements the FAIR campaign’s other recently-released digital assets, including a video overview of business interruption insurance and pandemics.

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FAIR

FAIR is an initiative of the Insurance Information Institute and its member companies, whose mission is to ensure fairness for all customers and safeguard the industry's long-standing role as a pillar of economic growth and stability. Visit fairinsure.org and follow @FAIRInsure on Twitter for more information.