Resources & Insights

Update #3 – COVID-19 Claims and Coverages

April 1, 2020

To our CCIG clients,

In early March, CCIG pulled together our top insurance advisors, claim professionals and adjusters to form an internal Task Force to closely monitor the progression of the COVID-19 pandemic and its impact on businesses. CCIG’s COVID-19 Task Force exists to provide credible information to you. The government’s response to the COVID-19 pandemic and insurance company positions on coverage are fluid and changing. They will undoubtedly solidify in the months to come and CCIG’s COVID-19 Task Force is in place to keep you informed and advise you as things develop.

Is insurance my only solution?

No. There are other relief efforts in the works. Insurance carriers, trade associations and brokers are working with the federal government to find financial mechanisms to assist businesses in this time of crisis. The CARES ACT is being rolled out, and the creation of future relief programs, such as CARES Act II and CARES Act III, is already in process. In addition, there are a number Colorado programs providing relief for businesses.  Finally, some carriers are delaying premium due dates for their insureds or lowering premiums through reduced payroll and sales endorsements. There is a tremendous amount of activity surrounding the COVID-19 pandemic and it is difficult to predict the ultimate outcome of these initiatives with a high level of confidence. CCIG’s COVID-19 Task Force is monitoring this activity and will continue to update you as solutions arise.

Should I file a claim?

If it is your desire to file a claim, CCIG is ready to assist you.  CCIG has established a COVID-19 Claims Task Force to assist all clients with filing COVID-19 claims. It’s important to note, there is no short-term deadline for filing a claim and the picture will likely be much clearer in the months to come. Many clients have opted to continue to track their payroll, sales, and potential losses and are waiting to see how this all develops over the next 30-60 days.

Who will make the decision whether I’m covered or not?

Insurance carriers will interpret their policy terms and ultimately make the claim decisions. However, CCIG is here to advise and give you our interpretation of coverages that will apply in the claim process. Existing coverage interpretations may even change. Insurance coverage forms, as well as premium due dates and audits, are all being examined by carriers, attorneys and politicians to determine whether and how any coverage applies.

Where can I get details on the how my property and business income coverage works?

Click here for an outline of the property and business interruption coverage positions of a number of insurance carriers. This document has been endorsed by the national Council of Insurance Agents and Brokers, which is comprised of the leading insurance carriers and brokers in the U.S. It is a good initial guide to understanding coverage.

Because of the fluid nature of the responses to the COVID-19 pandemic, any advice regarding insurance coverages is subject to change. We encourage our clients and businesses to reach out to your CCIG Insurance Advisor to discuss your organization’s challenges and specific situation and any possible actions you should take. CCIG is here to inform, advise and assist.

Brook Mahoney,
Share this:
Back to Resources

Contact Us

Call us at 303-799-0110 or reach out by filling out a short form.

Get In Touch