Will my property policy cover my loss of income or extra expense?
Policies are frequently tailored to the needs of individual companies, meaning exclusions and limits vary. Therefore we suggest you speaking with your service team with any questions you may have. There are a few general points worth mentioning …Contagious disease coverage for business interruption (BI) is not commonly available since the SARS outbreak in 2003, which shares many similarities with the Wuhan virus outbreak. Even if coverage is available, there is usually a sublimit or restrictive terms. Most policies trigger coverage for BI only after a direct physical loss.
Again, every policy is worded differently and therefore it is imperative you discuss your specific situation with your team at KMRD. Also keep in mind, it is your obligation to ultimately prove a true loss of income which cannot be recovered in subsequent months. We will be your advocate but your carrier will make the ultimate decision on whether they believe coverage can be triggered.