Austin Morris, Jr. is an insurance broker that really knows his stuff! And in this episode, he’s going to run through all sorts of different insurance policies you have or should have, and how they might be able to protect you from some losses during COVID-19. He makes it clear that policies are pretty clear when it comes to viruses, but that doesn’t means there’s nothing you can do. (And no, Austin is not an attorney and is not offering specific advice or counsel.)
- Morris Risk Management LLC
- Office: 215-947-9200
- Austin Morris, Jr. on LinkedIn: https://www.linkedin.com/in/austin-morris-jr-ab192b9/
General insurance considerations for COVID-19
- “Insurance policy is a contract”
- Refer to your policy and your agent!
- Understand your losses and your policies. These clauses could protect you:
- First party property – losses and damage
- Contingent losses – Damage due to vendor actions or issues
- Coverage due to order of the government
- The main question is, “Does the presence of COVID-19 cause any property damage or cause losses?”
- This could be affected services that needed to close.
- It could also be ontingent business interruptions
- There are usually exclusions of biological agents
- Viruses / Bacteria / Both
- However, Insurance is governed by state laws
- Lawsuits are arguing that “COVID-19 is similar to a natural disaster,” which often is covered by insurance.
2. What about other types of insurance?
- Worker’s Comp
- Is COVID-19 an occupational disease?
- It would arise out the scope of the work.
- Illness must arise from order of the work, and unique to the particular work as compared to the gen po.
- Grocery Store personnelle might not be, but Health Care Workers could be covered
- Auto Insurance
- Almost All companies are returning premiums because people are driving less.
- Cyber Security Policies
- Everyone should have this!
- Cyber Crime is going through the roof. Hear more about that in Episode 2 with Erik Gudmundson.
- Investment in cyber security is going down.
3. Insurance as a Contract
- Carefully read the policy language so you know what’s covered.
- You should see insurance as an investment, not a cost.