Insurers will soon be swamped with many types of claims because of coronavirus, as companies lose money by shutting down large-scale events and businesses face supply chain troubles.
Medical- If you had coverage prior to contracting the virus, you are covered under your policy. If you don’t have coverage, we can still get you covered if you have not been diagnosed yet. Don’t risk everything you have, get covered now. We are open and issuing policies every day. Alternative plans pay you cash for a diagnosis and every test, doctor hospital etc.
Event Cancellation – event cancellations have become a near-daily occurrence. With the NBA, NHL and MLB all suspending their seasons, the NCAA cancelling its March Madness basketball tournament, and Disneyland shuttering its doors indefinitely. Event clients may have coverage if the policy includes coverage for pandemics or communicable diseases, but not if voluntarily cancelled and only if there is a legal or physically impossibility of holding the event.
Business Interruption –when a company temporarily shuts down. 2 types of coverage: business interruption coverage- covers a policyholder’s losses from having to shut down abruptly, and contingent business interruption, which kicks in when losses result from the closure of a policyholder’s supplier. For both types to pay out, there must be proof of a “direct physical loss” to a property — for business interruption coverage, the policyholder’s property, or for contingent business interruption, the supplier’s property. If a property has been closed due to fears of the coronavirus, but the building remains habitable, the direct physical loss requirement won’t be met, and there is no coverage. If an infected person has been inside of a property and physically contaminated it, that may be enough to meet the direct physical loss requirement for coverage.
Workers’ Compensation – insurers could soon face claims from workers who say they contracted COVID-19 while on the job. It’s hard to prove they got it on the job unless they were a healthcare worker. However, you may be eligible and should apply if:
- Your employer temporarily closes or goes out of business because of COVID-19
- Your employer reduces your hours because of COVID-19
- You have been told not to work because your employer feels you might get or spread COVID-19
- You have been told to quarantine or self-isolate, or live/work in a county under government-recommended mitigation efforts
General Liability– Carriers may be exposed as they face lawsuits over allegedly failing to protect customers from the coronavirus. Princess Cruises is already being sued for improperly detaining (quarantining) passengers who then got sick. A standard exclusion is bodily injury from exposure to “pollutant” or “contaminant” so insurers may not be liable.
Disability Insurance– Pays when you miss work starting on day one for sickness. Very popular now.
Life Insurance- This should be a big wake up call to make sure your family and loved ones are protected. These virus numbers are growing exponentially: >250,000 people have been diagnosed, >20,000 yesterday, >10,000 dead, >1000 people died yesterday. >8000 still serious. Once diagnosed, it’s too late to get any coverage for anything. We are here to help. It’s our job to tell your family they are covered, and they don’t have to worry about finances, Don’t make it our job to tell them you couldn’t be bothered to protect them.
Auto/Home/Business Insurance– We are brokers with access to most major companies. Now is a great time to have us quote and start saving you money on this coverage!
