Why Insurance Doesn’t Cover the COVID-19 Pandemic

Description

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Based on the presenter’s Amazon book by the same name, this session examines why P&C insurance doesn’t, didn’t, can’t, and never will cover pandemic-related business income insurance claims. This session explains how pandemics violate the fundamental premises of insurability and why the COVID-19 pandemic, in particular, does not trigger coverage under industry-standard business income coverage forms. Learn why viral contamination doesn’t constitute “direct physical loss of or damage to” property and why the Order of Civil Authority coverage in most forms is not triggered by government mandates to discontinue, curtail or alter business operations even though ISO removed the “direct physical” damage requirement from this coverage years ago. 

Basic Course Information
Learning Objectives

• How pandemics violate the fundamental premises of insurability and why the COVID-19 pandemic, in particular, does not   trigger coverage under industry-standard business income coverage forms.
• Learn why viral contamination doesn’t constitute “direct physical loss of or damage to” property and why the Order of Civil Authority coverage in most forms is not triggered by government mandates to discontinue, curtail or alter business operations even though ISO removed the “direct physical” damage requirement from this coverage years ago. 

Major Subjects

• Pandemics
• Business Income
• Direct Physical Damage
• Civil Authority

Approved for 2 NJCE Credits