Today ISO released circular LI-CL-2020-010 providing an advisory notice to New York commercial lines policyholders to be furnished in connection with policies that provide business interruption and related coverages. The advisory notice follows a special call document released by the New York Department of Financial Services (DFS) dated March 10, 2020, pertaining to the novel coronavirus (COVID-19) outbreak and business interruption coverages.
The special call document provides instructions for property & casualty insurers providing commercial property insurance written in New York with respect to business interruption coverage provided in these types of policies. The document considers commercial property insurance to include Businessowners, Commercial Multi-Peril, and specialized multiple peril policies, along with other substantially similar insurance.
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