COVID-19: Insurance coverage in the event of an interruption and loss of earnings
Operation interruption insurance
Operating interruption insurance cover damage caused by epidemics -related operating closures if the insured danger is realized. Usual company interruption insurance only covers earnings failures if the risk of property damage is realized. However, if epidemics/infectious diseases are expressly mentioned as an insured danger or there is a so -called "all -having coverage" , insurance coverage may exist.
Such insurance conditions occasionally have names such as "Extended Coverage" or "All -Risk" policy.
For companies whose business depends on the organization of certain events, there are sometimes special failure insurance or so -called "dread -deesease" insurance. In such types of insurance companies, operating closures against the background of the Corona virus are fundamentally suitable to trigger insurance coverage.
If there is a reason for insurance coverage, the insured person must generally specifically demonstrate the damage actually incurred. The first court decisions show that there are high due diligence requirements.
Tip
Companies should check contractual terms At the same time, reporting obligations to the insurer must be observed. Insurance protection exists if the agreed conditions are met.
In the event of failure to pay for customers, insurance coverage can also exist credit loss insurance The following also applies here: The insured risk must be arrived. Pandemic must not be agreed as an exclusion criterion. The damage must be proven.
Travel insurance and event insurance should also be checked . The WHO officially classified the spread of the Corona virus on March 11, 2020 as a pandemic. A careful examination is also required here. It can make a difference for insurance cover whether an event is officially prohibited due to COVID-19 or the organizer is canceled due to a lack of participants.
