How does biz interruption insurance work in a pandemic?
The COVID-19 pandemic has significantly impacted the hospitality sector. In this article, we explain how owners who have purchased business interruption insurance may look to insurance coverage for relief against the financial effects of the pandemic. All risks policies Many hotel owners have purchased industrial, operational or property all risks policies, which usually comprise two parts: Section 1, which provides an indemnity for the cost of repairing or reinstating damage to insured property; and Section 2, which provides an indemnity for the financial consequences of business interruption resulting from that damage. The policies may also include extensions and endorsements that…
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