Lakeside Insurance continues to closely monitor the situation of the COVID-19. Our goal is to provide you with the most accurate up-to-date information as possible.
"IS THERE ANY COVERAGE FOR BUSINESS INCOME IF WE HAVE TO SHUT DOWN?
The short answer is no, there is no business income coverage. Before business income responds, there must be damage to property leading to the cessation of a business. This requirement applies to business income-dependent property losses (supply chain) and civil authority losses covered by business income policies. Additionally, there is a specific property exclusion applicable to viruses that may (generally will) apply. This is true of “standard" business income forms; there may be some proprietary forms that respond, but these are rare.
If you have specific questions about your policy, please give us a call and your LIRA365 team will be happy to assist you.
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