Many policyholders with COVID-19 loss of business interruption should take action now to preserve their claims.
As the anniversary of the COVID-19 pandemic and related state shutdown orders approaches, it is important for policyholders with business interruptions or other losses to review their policies for any issues regarding the timing of recovery. Many insurance policies include restrictions on costume restrictions (or other similar clauses) that limit the time for a policyholder to file a coverage claim. Some of these clauses provide for one year. As is often the case, the law on how such restrictions apply varies depending on the jurisdiction. Furthermore, the time at which their applicability occurs or is calculated ( eg varies from the date on which a company denies coverage compared to the date of the alleged loss) depending on the specific policy language. The issue is further complicated when a policyholder's losses (or still are) ongoing for interruptions in connection with interruptions in connection with COVID-1