Hurricanes, Sandy, and Business Interruption Insurance Policies
by Charles A. Yuen on November 6, 2012
Policyholders are likely to file many business interruption insurance claims as a result of the destruction associated with Sandy. They should try to understand the coverage and recognize how carriers will try to limit their recovery.
In order to incur a business interruption loss, an insured typically must suffer a loss of income from a disruption of business operations. This disruption may be from a physical loss or damage to the insured’s own property, as a result of a covered cause of loss. Where an insured’s operations are disrupted by a supplier, “contingent business interruption” provisions may provide additional coverage. Policies may also cover business interruption simply as a consequence of government action, or as a preventative measure.
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