Keeping promises made to Main Street, ensuring fairness for all customers.
Global pandemic risks are uninsurable.
The losses stemming from such an event were never intended to be protected by a business interruption policy. Only the federal government has the financial wherewithal to cover pandemic risks.
For this reason, insurers have united to recommend the pursuit of a COVID-19 Business and Employee Continuity and Recovery Fund →
Insurance contracts are 100% clear.
Commercial property insurance policies that include business interruption require the losses to be caused by direct physical damage to the property, which is not the case with a virus such as COVID-19.
Expensive & Unconstitutional
Requiring insurers to pay out restaurants would be unfair to other policyholders who already paid to have their claims insured.
This would threaten the ability of the industry to serve policyholders and lead to the insolvency of the industry.