To our clients + partners:
We hope everyone is doing their best during these unique and unprecedented times. We have been closely monitoring the events over the past few weeks and have taken every precaution to keep our team and building safe.
Our staff is up and running, working remotely with our full capabilities. We’ve suspended visits to our office and are encouraging phone and video conferencing whenever possible. If you need us for anything, we’ll be there for you.
Carriers are doing everything they can to assist in easing the hardship. Many companies are offering a billing grace period or waiver of late fees/cancellations for a period of time. It varies by company and circumstance so if you have any concerns, please reach out to us for assistance.
If you have an open claim, please let us know if you have any questions or concerns about how it may be impacted. We anticipate possible delays due to social distancing regulations, impacted businesses, and delays in parts and materials. Urgent and life safety matters will still be handled with the highest priority.
We’re actively receiving our mail and documents, but there could be a slight delay in processing. Any time sensitive material will be sent electronically.
FOR COMMERCIAL CLIENTS:
Because many businesses are limited in operations (or in some cases shut down completely), we have received a lot of inquiries from our Commercial clients. The most common questions relate to Business Income coverage.
Business Income coverage is a type of property insurance. In general, coverage is triggered by “direct physical loss of or damage to property by a covered cause of loss.” A communicable disease (like COVID-19) may not be covered without a physical loss of or damage to property.
We have also received inquiries regarding Civil Authority coverage. The same requirement for “direct physical loss or damage to property caused by a covered cause of loss” applies and COVID-19 may not be covered.
However, you should not allow these assumptions to keep you from taking action and filing a notice of loss. We feel it’s best for the carrier to make an official ruling based on how your policy would respond in these circumstances. If you think you may have a claim, please reach out and we will submit it to the carrier.
During these unique times, there certainly could be a number of ways for a business to manage their coverage and navigate their overall risk management with some proactive strategies. We encourage you to contact us to assess your options.
These are challenging and unchartered times for everyone. Be safe, stay healthy, and know that we are all in this together.
The Cox Insurance Team