Open For Business Virtual Series | Business Interruption Relief
Business owners across the country have paid premiums to safeguard the livelihood of their families and employees in the case of a Civil Authority Shutdown. By withholding this coverage, insurers are putting tens of millions on unemployment lines in every sector of the economy. Join us for an informative dialogue to learn your rights and funding opportunities for your small business, community organization or municipality.
Many of these business interruption policies simultaneously cover costs incurred due to civil authority shutdowns while excluding costs stemming from viruses. This creates a gray area for businesses, many of whom would have to take insurers to court to receive any payout. H.R. 7412, the Business Interruption Relief Act of 2020, creates a voluntary program that will:
1.) Encourage insurance experts and businesses to settle key disputes over business interruption insurance coverage, helping make available policy benefits for losses associated with the Civil Authority Shutdowns from COVID-19.
2.) Help businesses that are working hard to follow local guidance and keep their doors open over the long term get their claims honored, cut through the red tape of litigation, and support our economic recovery.
3.) Create a voluntary program for insurers, in which insurers can choose to pay out claims to these businesses and be reimbursed by the federal government. This would simultaneously provide a boost to businesses of all sizes with business interruption insurance coverage and prevent potentially years of costly litigation.
4.) Apply to businesses with business interruption insurance that includes civil authority shutdowns but excludes virus-related damages.