Calculating and documenting a business interruption claim during normal times can be complex and time consuming. During and following the COVID-19 pandemic, the complexity will be intensified. As businesses begin the process of re-opening and re-building, it is critical to document this process to the extent possible.
Timelines will be a valuable and critical source of information, particularly in this environment. When possible, document changes to your business and its operations including:
Other subjects to document include:
The level of detail and credibility among supporting documentation will be crucial to an insurer evaluating and validating a business interruption loss in the wake of COVID-19. Insurance carriers will likely be looking closely at the impacts COVID-19 had on an insured as well as the insured’s market. Being able to articulate impacts of COVID-19 as well as expectations for current and future operations will be beneficial in the event an insured experiences an unrelated business interruption event.
Please contact us at 1-877-861-3220 with any questions or reach out to your Conner Strong & Buckelew account representative directly.
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