As information related to COVID-19 changes minute by minute, we are doing our best to keep up with information that affects the industry. As insurance departments issue bulletins and change procedures, we will update this article as we hear about them. If you know of something we have missed, please let us know. We are republishing the article as changes come in; the date below the title lets you know when the last update was, and if this is at the top of the page you know this is the most recently published article. Updated March 26.
In February, ISO issued optional advisory endorsements providing limited business interruption coverage for certain actions of civil authority related to the coronavirus outbreak. The premises must be scheduled on the forms and list a coverage period of days, months or weeks. Cover is for the actual loss of business income incurred because a civil authority ordered the closing of premises or ordered all or parts of the premises under quarantine to prevent the spread of or infection by a coronavirus. Coverage applies even if the disease is not yet present. While ISO did not file these forms or add them to the library, the coverage provided would be incredibly helpful now that the world has been overtaken by COVID-19. The problem lies in the fact that even if carriers adopt the forms, will they add them to existing policies under quarantine? Will they develop a waiting period before coverage takes effect? The forms are here:
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